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

Finepoint Capital LP grew its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 24.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 318,448 shares of the biopharmaceutical company’s stock after acquiring an additional 61,999 shares during the quarter. Cytokinetics comprises approximately 0.9% of Finepoint Capital LP’s holdings, making the stock its 12th largest holding. Finepoint Capital LP owned 0.27% of Cytokinetics worth $14,980,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Springhill Fund Asset Management HK Co Ltd purchased a new stake in Cytokinetics during the 4th quarter valued at $6,150,000. Groupama Asset Managment purchased a new stake in shares of Cytokinetics in the fourth quarter valued at $16,464,000. Headlands Technologies LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth about $97,000. Franklin Resources Inc. boosted its stake in shares of Cytokinetics by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 545,813 shares of the biopharmaceutical company’s stock worth $25,675,000 after purchasing an additional 9,366 shares during the period. Finally, DnB Asset Management AS grew its holdings in Cytokinetics by 24.7% during the 4th quarter. DnB Asset Management AS now owns 9,213 shares of the biopharmaceutical company’s stock valued at $433,000 after purchasing an additional 1,826 shares during the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of analyst reports. Stifel Nicolaus assumed coverage on Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price on the stock. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. HC Wainwright reissued a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research note on Friday. Citigroup began coverage on shares of Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 target price on the stock. Finally, Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $37.36 on Friday. The firm has a market cap of $4.42 billion, a PE ratio of -6.94 and a beta of 0.94. Cytokinetics, Incorporated has a twelve month low of $36.89 and a twelve month high of $75.71. The business has a 50-day moving average price of $44.93 and a 200 day moving average price of $48.98. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93.

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

Insider Activity

In related news, CEO Robert I. Blum sold 16,970 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.44, for a total transaction of $737,176.80. Following the transaction, the chief executive officer now owns 364,181 shares of the company’s stock, valued at $15,820,022.64. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total value of $91,840.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,284 shares of company stock valued at $2,578,268. 3.40% of the stock is currently owned by corporate insiders.

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.