Redmile Group LLC Acquires Shares of 161,600 Cytokinetics, Incorporated (NASDAQ:CYTK)

Redmile Group LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 161,600 shares of the biopharmaceutical company’s stock, valued at approximately $11,330,000. Redmile Group LLC owned approximately 0.15% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Sarissa Capital Management LP acquired a new stake in Cytokinetics during the 1st quarter worth $21,033,000. Hood River Capital Management LLC raised its holdings in shares of Cytokinetics by 24.2% in the first quarter. Hood River Capital Management LLC now owns 696,647 shares of the biopharmaceutical company’s stock valued at $48,842,000 after buying an additional 135,666 shares during the last quarter. Gabelli Funds LLC acquired a new stake in shares of Cytokinetics during the first quarter worth about $351,000. Carlson Capital L P purchased a new position in shares of Cytokinetics during the first quarter worth about $1,753,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Cytokinetics during the first quarter worth about $74,000.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CYTK shares. Truist Financial decreased their price objective on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. JPMorgan Chase & Co. dropped their price objective on shares of Cytokinetics from $77.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. Raymond James cut their price target on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. B. Riley lowered their price objective on Cytokinetics from $122.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a report on Monday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.06.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares in the company, valued at $755,914.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $48.64, for a total transaction of $76,851.20. Following the completion of the transaction, the director now directly owns 15,541 shares of the company’s stock, valued at approximately $755,914.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Wong sold 13,011 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the transaction, the chief accounting officer now directly owns 16,653 shares of the company’s stock, valued at $813,998.64. The disclosure for this sale can be found here. Insiders sold a total of 145,079 shares of company stock valued at $7,814,083 over the last three months. 3.40% of the stock is owned by insiders.

Cytokinetics Stock Performance

Shares of CYTK stock traded down $0.60 during trading hours on Monday, reaching $59.09. The company had a trading volume of 1,209,768 shares, compared to its average volume of 2,521,736. The stock’s fifty day simple moving average is $53.96 and its 200 day simple moving average is $65.41. The company has a market capitalization of $6.20 billion, a P/E ratio of -10.94 and a beta of 0.75. Cytokinetics, Incorporated has a twelve month low of $25.98 and a twelve month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. The business’s revenue was down 81.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.38) earnings per share. As a group, equities analysts expect that Cytokinetics, Incorporated will post -4.5 earnings per share for the current year.

Cytokinetics Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.