Vestal Point Capital LP Decreases Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Vestal Point Capital LP lowered its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 27.7% in the third quarter, Holdings Channel reports. The fund owned 1,500,000 shares of the biopharmaceutical company’s stock after selling 575,000 shares during the quarter. Cytokinetics accounts for approximately 6.0% of Vestal Point Capital LP’s investment portfolio, making the stock its 3rd largest holding. Vestal Point Capital LP’s holdings in Cytokinetics were worth $79,200,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cytokinetics by 19.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,376 shares of the biopharmaceutical company’s stock worth $1,393,000 after acquiring an additional 4,282 shares during the last quarter. FORA Capital LLC acquired a new position in shares of Cytokinetics in the third quarter valued at approximately $238,000. MetLife Investment Management LLC boosted its position in Cytokinetics by 0.4% during the 3rd quarter. MetLife Investment Management LLC now owns 123,308 shares of the biopharmaceutical company’s stock worth $6,511,000 after buying an additional 538 shares during the period. Cynosure Group LLC bought a new stake in Cytokinetics during the 3rd quarter worth approximately $363,000. Finally, Advantage Alpha Capital Partners LP acquired a new position in Cytokinetics in the 3rd quarter valued at approximately $438,000.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $52.22 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. Cytokinetics, Incorporated has a one year low of $30.68 and a one year high of $110.25. The firm has a 50-day moving average of $53.31 and a 200-day moving average of $54.48.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. The company’s quarterly revenue was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.35) EPS. As a group, analysts anticipate that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CYTK shares. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, November 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a report on Wednesday, November 20th. JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada initiated coverage on Cytokinetics in a report on Friday, November 8th. They issued an “outperform” rating and a $80.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Insider Buying and Selling

In other Cytokinetics news, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now directly owns 24,559 shares in the company, valued at $1,283,207.75. This represents a 15.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total transaction of $366,168.00. Following the completion of the transaction, the executive vice president now owns 111,878 shares in the company, valued at approximately $5,611,800.48. This trade represents a 6.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,378 shares of company stock valued at $3,880,287. 3.40% of the stock is owned by company insiders.

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.