SummitTX Capital L.P. Buys New Stake in Cytokinetics, Incorporated $CYTK

SummitTX Capital L.P. purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 49,711 shares of the biopharmaceutical company’s stock, valued at approximately $3,276,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Gabelli Funds LLC increased its holdings in Cytokinetics by 7.0% in the 1st quarter. Gabelli Funds LLC now owns 15,209 shares of the biopharmaceutical company’s stock valued at $1,002,000 after purchasing an additional 1,000 shares in the last quarter. Siren L.L.C. acquired a new position in shares of Cytokinetics during the first quarter worth about $40,466,000. Inceptionr LLC acquired a new position in shares of Cytokinetics during the first quarter worth about $1,053,000. Monashee Investment Management LLC boosted its position in shares of Cytokinetics by 33.3% in the first quarter. Monashee Investment Management LLC now owns 100,000 shares of the biopharmaceutical company’s stock worth $6,591,000 after buying an additional 25,000 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Cytokinetics by 14.4% in the first quarter. First Trust Advisors LP now owns 145,890 shares of the biopharmaceutical company’s stock worth $9,616,000 after buying an additional 18,366 shares during the period.

Analyst Ratings Changes

A number of research firms have recently issued reports on CYTK. Royal Bank Of Canada lowered their target price on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating for the company in a research note on Tuesday, July 7th. Morgan Stanley increased their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Stifel Nicolaus boosted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.90.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $79.45 on Wednesday. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31. The firm has a market cap of $9.89 billion, a price-to-earnings ratio of -11.62 and a beta of 0.42. The stock’s 50-day simple moving average is $78.70 and its 200-day simple moving average is $70.11.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. The company’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.36) EPS. As a group, research analysts predict that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total value of $282,065.00. Following the transaction, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $12,402,962.18. This represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 Monday, July 27th. The shares were sold at an average price of $80.87, for a total value of $606,525.00. Following the transaction, the chief executive officer owned 377,820 shares of the company’s stock, valued at approximately $30,554,303.40. This trade represents a 1.95% decrease in their ownership of the stock. 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 135,536 shares of company stock valued at $10,258,134 over the last 90 days. 2.60% of the stock is owned by company insiders.

About Cytokinetics

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.