Gabelli Funds LLC Cuts Position in Cytokinetics, Incorporated $CYTK

Gabelli Funds LLC lessened its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 59.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,209 shares of the biopharmaceutical company’s stock after selling 20,550 shares during the quarter. Gabelli Funds LLC’s holdings in Cytokinetics were worth $903,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CYTK. Woodline Partners LP grew its holdings in Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the period. Deep Track Capital LP grew its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Cytokinetics by 151,987.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock worth $35,949,000 after purchasing an additional 565,393 shares during the period. Foresite Capital Management IV LLC purchased a new stake in Cytokinetics in the third quarter worth about $25,188,000. Finally, Rosalind Advisors Inc. purchased a new stake in Cytokinetics in the second quarter worth about $13,216,000.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Stifel Nicolaus upped their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley upped their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Leerink Partners restated an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Finally, HC Wainwright upped their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.30.

Insider Activity

In other news, EVP Andrew Callos sold 15,857 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $77.92, for a total transaction of $584,400.00. Following the sale, the chief executive officer owned 400,330 shares in the company, valued at approximately $31,193,713.60. The trade was a 1.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 177,476 shares of company stock worth $11,294,769 over the last 90 days. 2.60% of the stock is currently owned by insiders.

Cytokinetics Stock Down 1.4%

NASDAQ:CYTK opened at $76.94 on Friday. The company’s 50 day moving average price is $67.38 and its 200-day moving average price is $65.13. Cytokinetics, Incorporated has a 52 week low of $29.81 and a 52 week high of $80.20. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of -11.25 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter in the previous year, the company earned ($1.36) EPS. The company’s quarterly revenue was up 1112.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Cytokinetics Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.