Westfield Capital Management Co. LP Makes New $51.28 Million Investment in Cytokinetics, Incorporated (NASDAQ:CYTK)

Westfield Capital Management Co. LP bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 731,386 shares of the biopharmaceutical company’s stock, valued at approximately $51,277,000. Westfield Capital Management Co. LP owned approximately 0.70% of Cytokinetics at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Cytokinetics by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after purchasing an additional 273,565 shares in the last quarter. First Turn Management LLC bought a new position in Cytokinetics during the 4th quarter worth about $67,414,000. Charles Schwab Investment Management Inc. increased its holdings in Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after purchasing an additional 33,257 shares in the last quarter. Norges Bank bought a new position in Cytokinetics during the 4th quarter worth about $60,299,000. Finally, Assenagon Asset Management S.A. bought a new position in Cytokinetics during the 4th quarter worth about $46,308,000.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.55, for a total value of $262,750.00. Following the completion of the transaction, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,082,530. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Fady Ibraham Malik sold 15,547 shares of Cytokinetics stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17. Following the transaction, the executive vice president now owns 137,056 shares in the company, valued at approximately $8,923,716.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction on Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,082,530. The disclosure for this sale can be found here. Insiders sold a total of 148,341 shares of company stock worth $8,079,508 in the last quarter. Insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CYTK shares. Oppenheimer lowered their target price on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Barclays lowered their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $90.00 target price on shares of Cytokinetics in a research report on Monday, June 17th. Truist Financial lowered their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. Finally, JMP Securities lowered their target price on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Cytokinetics Stock Performance

CYTK traded up $0.50 during trading on Friday, reaching $56.41. 827,901 shares of the stock traded hands, compared to its average volume of 1,742,891. The stock’s 50-day moving average is $54.14 and its 200 day moving average is $67.17. Cytokinetics, Incorporated has a 12 month low of $25.98 and a 12 month high of $110.25.

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