Legato Capital Management LLC lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK – Free Report) by 81.5% during the fourth quarter, Holdings Channel reports. The fund owned 31,948 shares of the biopharmaceutical company’s stock after purchasing an additional 14,345 shares during the quarter. Legato Capital Management LLC’s holdings in Cytokinetics were worth $2,030,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its stake in Cytokinetics by 10.6% in the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after buying an additional 169 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Cytokinetics by 8.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after buying an additional 261 shares during the last quarter. Fifth Third Bancorp boosted its stake in Cytokinetics by 32.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after buying an additional 262 shares during the last quarter. Danske Bank A S boosted its stake in Cytokinetics by 23.1% in the 4th quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 300 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in Cytokinetics by 1.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company’s stock worth $1,551,000 after buying an additional 300 shares during the last quarter.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on CYTK. UBS Group set a $119.00 price target on Cytokinetics in a research note on Wednesday, May 6th. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. JPMorgan Chase & Co. raised their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Finally, Stifel Nicolaus raised their price target on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.30.
Cytokinetics Price Performance
Cytokinetics stock opened at $76.94 on Friday. The stock’s 50-day moving average is $67.38 and its 200-day moving average is $65.13. The company has a market cap of $9.57 billion, a price-to-earnings ratio of -11.25 and a beta of 0.38. Cytokinetics, Incorporated has a 12 month low of $29.81 and a 12 month high of $80.20.
Cytokinetics (NASDAQ:CYTK – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.36) earnings per share. Research analysts anticipate that Cytokinetics, Incorporated will post -6.27 EPS for the current year.
Insider Transactions at Cytokinetics
In other news, EVP Andrew Callos sold 26,000 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares in the company, valued at $3,120,722.80. This trade represents a 34.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 12,033 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $747,850.95. Following the completion of the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $9,565,009.30. This trade represents a 7.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 177,476 shares of company stock worth $11,294,769 in the last three months. 2.60% of the stock is currently owned by company insiders.
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.
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