Finepoint Capital LP Increases Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Finepoint Capital LP boosted its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 24.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 318,448 shares of the biopharmaceutical company’s stock after purchasing an additional 61,999 shares during the quarter. Cytokinetics accounts for 0.9% of Finepoint Capital LP’s holdings, making the stock its 12th largest holding. Finepoint Capital LP’s holdings in Cytokinetics were worth $14,980,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Harvey Capital Management Inc. acquired a new stake in Cytokinetics during the 4th quarter valued at approximately $1,040,000. abrdn plc increased its position in Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after acquiring an additional 102,457 shares during the period. AlphaQuest LLC raised its stake in shares of 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 in the last quarter. Vanguard Group Inc. raised its position in shares of Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Cytokinetics by 1.0% in the fourth 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.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Citigroup began coverage on Cytokinetics in a report on Friday, February 7th. They issued a “buy” rating and a $86.00 price target on the stock. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, February 6th. HC Wainwright reissued a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Friday. Finally, JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Friday, February 7th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Insider Activity

In related news, CEO Robert I. Blum sold 16,970 shares of the company’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 owns 364,181 shares in the company, valued at $15,820,022.64. This represents a 4.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,329,980.32. The trade was a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,284 shares of company stock worth $2,578,268 in the last quarter. 3.40% of the stock is owned by corporate insiders.

Cytokinetics Stock Performance

CYTK opened at $37.36 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a market cap of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94. The business’s fifty day moving average is $44.93 and its 200-day moving average is $48.98. Cytokinetics, Incorporated has a 52-week low of $36.89 and a 52-week high of $75.71.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. Sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Cytokinetics Company 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.