ExodusPoint Capital Management LP Reduces Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

ExodusPoint Capital Management LP trimmed its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 92.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,324 shares of the biopharmaceutical company's stock after selling 108,660 shares during the period. ExodusPoint Capital Management LP's holdings in Cytokinetics were worth $439,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Harvey Capital Management Inc. purchased a new position in Cytokinetics in the 4th quarter worth about $1,040,000. abrdn plc raised its holdings in shares of Cytokinetics by 29.4% during the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company's stock valued at $21,192,000 after purchasing an additional 102,457 shares during the last quarter. AlphaQuest LLC lifted its position in Cytokinetics by 113,500.0% during the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 1,135 shares during the period. Vanguard Group Inc. boosted its holdings in Cytokinetics by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock worth $560,520,000 after purchasing an additional 154,216 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock worth $62,807,000 after purchasing an additional 13,798 shares during the period.

Remove Ads

Insider Activity at Cytokinetics

In other news, CEO Robert I. Blum sold 16,970 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the sale, the chief executive officer now directly owns 364,181 shares in the company, valued at $15,820,022.64. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Andrew Callos sold 2,886 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $35.78, for a total transaction of $103,261.08. Following the sale, the executive vice president now owns 64,689 shares in the company, valued at $2,314,572.42. This represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,170 shares of company stock valued at $2,766,739 over the last 90 days. 3.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CYTK. Needham & Company LLC restated a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Tuesday, April 8th. Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They issued a "buy" rating and a $86.00 target price on the stock. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a "buy" rating and a $80.00 price objective on the stock. Finally, Morgan Stanley set a $67.00 target price on shares of Cytokinetics in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $81.63.

Cytokinetics Price Performance

CYTK traded down $1.25 during trading on Tuesday, hitting $38.56. 3,012,699 shares of the company traded hands, compared to its average volume of 1,592,932. The company has a market cap of $4.60 billion, a PE ratio of -7.17 and a beta of 0.94. Cytokinetics, Incorporated has a 1 year low of $32.74 and a 1 year high of $70.52. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock's 50-day simple moving average is $42.80 and its two-hundred day simple moving average is $48.00.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating analysts' consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts' expectations of $14.26 million. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

About Cytokinetics

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.