Cytokinetics (CYTK)


Market Price (10/21/2026): $63.91 | Market Cap: $8.4 BilSector: Health Care | Industry: Biotechnology

Cytokinetics (CYTK)


Market Price (10/21/2026): $63.91
Market Cap: $8.4 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Low stock price volatility
Vol 12M is 43%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -16%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -708 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1046%

Expensive valuation multiples
P/SPrice/Sales ratio is 125x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg QQuarterly Revenue Change % is -57%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 188%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -821%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -858%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%

Key risks
CYTK key risks include [1] the pivotal regulatory approval and commercialization of its lead drug aficamten, Show more.

0 Low stock price volatility
Vol 12M is 43%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -16%
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -708 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1046%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 125x
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg QQuarterly Revenue Change % is -57%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 188%
8 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -821%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -858%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16%
10 Key risks
CYTK key risks include [1] the pivotal regulatory approval and commercialization of its lead drug aficamten, Show more.

CYTK in ETFs

Weight = CYTK's share of each fund

VTI0.01%
ITOT0.01%
IWM0.29%
IJH0.26%
VB0.12%
XBI1.3%
NUSC0.62%
IBB0.60%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/6/2026

Cytokinetics (CYTK) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. Significant insider selling activity. Insiders at Cytokinetics sold approximately $13.8 million worth of shares in the 90 days leading up to October 4, 2026. This aggregate selling by executives and a director suggests a lack of confidence from those with the most intimate knowledge of the company's prospects, contributing to negative investor sentiment.

2. Substantial year-over-year revenue decline in fiscal Q2 2026 despite analyst beats. Cytokinetics reported its fiscal Q2 2026 results (ended June 30, 2026) on August 6, 2026. While the company exceeded analyst expectations with an EPS loss of -$1.50 (vs. -$1.63 consensus) and revenue of $28.62 million (vs. $17.59 million consensus), the revenue figure represented a significant 57.1% decrease year-over-year. This considerable decline in revenue, despite beating conservative estimates, likely raised concerns among investors regarding the commercial ramp-up or sustained growth trajectory of its products, notably MYQORZO.

Show more
Updated on 10/6/2026

Cytokinetics (CYTK) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. Significant insider selling activity. Insiders at Cytokinetics sold approximately $13.8 million worth of shares in the 90 days leading up to October 4, 2026. This aggregate selling by executives and a director suggests a lack of confidence from those with the most intimate knowledge of the company's prospects, contributing to negative investor sentiment.

2. Substantial year-over-year revenue decline in fiscal Q2 2026 despite analyst beats. Cytokinetics reported its fiscal Q2 2026 results (ended June 30, 2026) on August 6, 2026. While the company exceeded analyst expectations with an EPS loss of -$1.50 (vs. -$1.63 consensus) and revenue of $28.62 million (vs. $17.59 million consensus), the revenue figure represented a significant 57.1% decrease year-over-year. This considerable decline in revenue, despite beating conservative estimates, likely raised concerns among investors regarding the commercial ramp-up or sustained growth trajectory of its products, notably MYQORZO.

3. Lingering regulatory and commercial uncertainties for late-stage pipeline assets. Despite positive clinical trial data, such as the presentation of primary results from the ACACIA-HCM Phase 3 clinical trial for aficamten in non-obstructive hypertrophic cardiomyopathy (nHCM) in August 2026, and plans for a Supplemental New Drug Application (sNDA) submission in fiscal Q4 2026, the investment case remains susceptible to inherent regulatory, clinical, and commercial uncertainties. Critics have highlighted the company's reliance on a limited number of late-stage assets, where future success hinges on additional regulatory filings and securing market entry in new geographies, posing ongoing risks to the stock's valuation.

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Stock Movement Drivers

Fundamental Drivers

The -24.9% change in CYTK stock from 6/30/2026 to 10/20/2026 was primarily driven by a -36.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610202026Change
Stock Price ($)85.1963.95-24.9%
Change Contribution By: 
Total Revenues ($ Mil)10668-36.0%
P/S Multiple99.2124.825.8%
Shares Outstanding (Mil)123132-6.7%
Cumulative Contribution-24.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/20/2026
ReturnCorrelation
CYTK-24.9% 
Market (SPY)3.0%9.5%
Sector (XLV)13.3%10.9%

Fundamental Drivers

The -3.0% change in CYTK stock from 3/31/2026 to 10/20/2026 was primarily driven by a -23.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610202026Change
Stock Price ($)65.9163.95-3.0%
Change Contribution By: 
Total Revenues ($ Mil)8868-23.1%
P/S Multiple91.7124.836.2%
Shares Outstanding (Mil)122132-7.3%
Cumulative Contribution-3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/20/2026
ReturnCorrelation
CYTK-3.0% 
Market (SPY)18.6%17.2%
Sector (XLV)23.2%19.1%

Fundamental Drivers

The 16.4% change in CYTK stock from 9/30/2025 to 10/20/2026 was primarily driven by a 63.0% change in the company's P/S Multiple.
(LTM values as of)930202510202026Change
Stock Price ($)54.9663.9516.4%
Change Contribution By: 
Total Revenues ($ Mil)8668-21.1%
P/S Multiple76.6124.863.0%
Shares Outstanding (Mil)119132-9.6%
Cumulative Contribution16.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/20/2026
ReturnCorrelation
CYTK16.4% 
Market (SPY)16.4%24.2%
Sector (XLV)30.9%23.7%

Fundamental Drivers

The 117.1% change in CYTK stock from 9/30/2023 to 10/20/2026 was primarily driven by a 580.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310202026Change
Stock Price ($)29.4663.95117.1%
Change Contribution By: 
Total Revenues ($ Mil)1068580.0%
P/S Multiple283.5124.8-56.0%
Shares Outstanding (Mil)96132-27.5%
Cumulative Contribution117.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/20/2026
ReturnCorrelation
CYTK117.1% 
Market (SPY)86.1%18.3%
Sector (XLV)46.3%22.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CYTK Return119%1%82%-44%35%-1%201%
Peers Return-43%-2%87%25%43%-1%84%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
CYTK Win Rate58%58%58%25%58%30% 
Peers Win Rate40%55%47%48%58%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CYTK Max Drawdown-31%-35%-41%-57%-42%-30% 
Peers Max Drawdown-57%-43%-38%-35%-46%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: BMY, SRPT, BBIO, EWTX, IONS. See CYTK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/20/2026 (YTD)

How Low Can It Go

EventCYTKS&P 500
2025 US Tariff Shock
  % Loss-35.7%-18.8%
  % Gain to Breakeven55.5%23.1%
  Time to Breakeven110 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.4%-9.5%
  % Gain to Breakeven19.6%10.5%
  Time to Breakeven7 days24 days
2023 SVB Regional Banking Crisis
  % Loss-25.6%-6.7%
  % Gain to Breakeven34.5%7.1%
  Time to Breakeven174 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.3%-24.5%
  % Gain to Breakeven54.7%32.4%
  Time to Breakeven147 days427 days
2020 COVID-19 Crash
  % Loss-44.4%-33.7%
  % Gain to Breakeven79.7%50.9%
  Time to Breakeven41 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.4%-19.2%
  % Gain to Breakeven57.2%23.8%
  Time to Breakeven86 days105 days

Compare to BMY, SRPT, BBIO, EWTX, IONS

In The Past

Cytokinetics's stock fell -35.7% during the 2025 US Tariff Shock. Such a loss loss requires a 55.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCYTKS&P 500
2025 US Tariff Shock
  % Loss-35.7%-18.8%
  % Gain to Breakeven55.5%23.1%
  Time to Breakeven110 days79 days
2023 SVB Regional Banking Crisis
  % Loss-25.6%-6.7%
  % Gain to Breakeven34.5%7.1%
  Time to Breakeven174 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-35.3%-24.5%
  % Gain to Breakeven54.7%32.4%
  Time to Breakeven147 days427 days
2020 COVID-19 Crash
  % Loss-44.4%-33.7%
  % Gain to Breakeven79.7%50.9%
  Time to Breakeven41 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.4%-19.2%
  % Gain to Breakeven57.2%23.8%
  Time to Breakeven86 days105 days
2014-2016 Oil Price Collapse
  % Loss-28.3%-6.8%
  % Gain to Breakeven39.4%7.3%
  Time to Breakeven25 days15 days
2013 Taper Tantrum
  % Loss-39.6%-0.2%
  % Gain to Breakeven65.5%0.2%
  Time to Breakeven247 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-24.0%-17.9%
  % Gain to Breakeven31.6%21.8%
  Time to Breakeven38 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.8%-15.4%
  % Gain to Breakeven44.5%18.2%
  Time to Breakeven3583 days125 days
2008-2009 Global Financial Crisis
  % Loss-74.2%-53.4%
  % Gain to Breakeven286.9%114.4%
  Time to Breakeven4580 days1085 days

Compare to BMY, SRPT, BBIO, EWTX, IONS

In The Past

Cytokinetics's stock fell -35.7% during the 2025 US Tariff Shock. Such a loss loss requires a 55.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Cytokinetics (CYTK)

Cytokinetics, Incorporated (CYTK) is a late-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative small molecule drugs. Its primary mission is to create muscle activators and inhibitors engineered to impact muscle function and contractility. The company aims to provide potential treatments for various debilitating diseases where existing therapies may be insufficient, addressing significant unmet medical needs.

The company boasts a robust pipeline with several drug candidates in advanced clinical trials. Key among these are omecamtiv mecarbil, a cardiac myosin activator currently in Phase III clinical trials for patients with heart failure, and reldesemtiv, a skeletal muscle troponin activator, also in Phase III trials for treating amyotrophic lateral sclerosis (ALS) and spinal muscular atrophy (SMA). Additionally, Cytokinetics is developing aficamten, a novel cardiac myosin inhibitor in Phase III for symptomatic obstructive hypertrophic cardiomyopathy (HCM), along with other early-stage cardiac and skeletal muscle modulators.

Cytokinetics primarily serves markets for patients suffering from severe muscle-related conditions. This includes individuals with heart failure, neurodegenerative diseases such as ALS and SMA, and specific cardiac disorders like hypertrophic cardiomyopathy. With a pipeline covering various stages of development and a strategic alliance with Astellas Pharma Inc., the company is dedicated to bringing these specialized therapies to patients who could benefit from improved muscle function and contractility.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Cytokinetics (CYTK):

  • A Vertex Pharmaceuticals focused on muscle function drugs.

  • The Gilead Sciences of muscle-targeting therapeutics.

AI Analysis | Feedback

  • Omecamtiv mecarbil: A novel cardiac myosin activator in Phase III clinical trial for heart failure.
  • Reldesemtiv: A skeletal muscle troponin activator in Phase III clinical trial for amyotrophic lateral sclerosis and spinal muscular atrophy.
  • CK-136: A novel cardiac troponin activator in Phase I clinical trial.
  • Aficamten: A novel cardiac myosin inhibitor in Phase III clinical trial for symptomatic obstructive hypertrophic cardiomyopathy.
  • CK-3772271: A small molecule cardiac myosin inhibitor in Phase I clinical trial.

AI Analysis | Feedback

Cytokinetics (CYTK) is a late-stage biopharmaceutical company primarily focused on drug discovery and development. Its drug candidates are currently in various phases of clinical trials, meaning they are not yet approved for commercial sale to individuals or institutions like pharmacies and hospitals.

At this stage of its business, Cytokinetics' major "customers" or revenue-generating partners are other pharmaceutical companies with whom it forms strategic alliances for co-development, licensing, and future commercialization. Based on the provided background information, a key strategic alliance is with:

  • Astellas Pharma Inc. (Symbol: ALPMY)

Astellas Pharma Inc. serves as a significant partner that contributes to Cytokinetics' funding and development efforts through strategic collaborations, which can include upfront payments, milestone payments, and potential royalties on future sales of licensed products.

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Robert I. Blum, President and Chief Executive Officer

Robert I. Blum has served as President and Chief Executive Officer of Cytokinetics and a member of its Board of Directors since 2007. He participated in the launch of company operations in 1998 and held various senior-level positions, overseeing research and development, finance, corporate development, legal, commercial operations, and business development. Prior to joining Cytokinetics, Mr. Blum held senior positions in business development and marketing at COR Therapeutics from 1991 to 1998, and earlier roles in sales, marketing, and other pharmaceutical business functions at Marion Laboratories and Syntex Corporation, starting in 1981. He previously taught a corporate finance course to graduate students at the Center for BioEntrepreneurship at the University of California, San Francisco.

Sung H. Lee, Executive Vice President, Chief Financial Officer and Principal Accounting Officer

Sung H. Lee joined Cytokinetics as Executive Vice President and Chief Financial Officer, effective May 8, 2024. He also assumed the additional responsibility of principal accounting officer. Before joining Cytokinetics, Mr. Lee served as CFO of Vir Biotechnology, Inc. for a year and held the same position at MorphoSys AG for over two years. His extensive experience includes a tenure as Executive Vice President and CFO at Sangamo Therapeutics, Inc., and a 14-year career at Gilead Sciences, Inc., where he concluded his service as Senior Vice President of Financial Planning & Analysis and Investor Relations.

Fady I. Malik, M.D., Ph.D., Executive Vice President, Research & Development

Dr. Fady I. Malik has led Research and Development at Cytokinetics since 2014 and has been with the company since its inception in 1998, participating in its launch. He recognized the potential of modulating cardiac and skeletal muscle sarcomeres and led discovery and development efforts for Cytokinetics' portfolio of muscle contractility programs. Dr. Malik is an internationally recognized cardiovascular physician-scientist, an inventor on over 20 issued patents, and has authored or co-authored more than 60 publications. He holds an appointment as a Clinical Professor of Medicine in the Cardiology Division of the University of California, San Francisco.

Andrew M. Callos, Executive Vice President and Chief Commercial Officer

Andrew M. Callos serves as the Executive Vice President and Chief Commercial Officer at Cytokinetics.

Jeffrey J. Hessekiel, Executive Vice President, Chief Legal and Administrative Officer

Jeffrey J. Hessekiel holds the position of Executive Vice President, Chief Legal and Administrative Officer at Cytokinetics.

AI Analysis | Feedback

The key risks to Cytokinetics' business are primarily centered on the commercial success of its recently approved drug, MYQORZO (aficamten), its significant financial burn rate, and the ongoing development and regulatory hurdles for its other pipeline candidates.

  • Commercialization and Regulatory Challenges of MYQORZO (aficamten)

    While Cytokinetics has secured regulatory approval from the FDA and European Commission for MYQORZO (aficamten) for obstructive hypertrophic cardiomyopathy (oHCM), its commercial success faces significant risks. The drug's approval comes with a Risk Evaluation and Mitigation Strategy (REMS) due to the potential risk of heart failure, and the stringency of this REMS could limit physician adoption and slow market uptake. This is particularly pertinent given its competitor, Bristol Myers Squibb's Camzyos (mavacamten), also has a REMS. Furthermore, Cytokinetics faces the challenge of commercial execution as this is its first product launch, with potential missteps in pricing, payer negotiations, and overall market acceptance.

  • Substantial Financial Burn Rate and Path to Profitability

    Cytokinetics is currently operating in a pre-commercial, cash-burn phase, reporting a significant net loss of $785.0 million for the full year 2025. High operating expenses, largely driven by research and development (R&D) and commercialization efforts for MYQORZO, contribute to this burn rate. Although the company holds cash reserves, its long-term financial stability is highly dependent on the successful commercial performance of MYQORZO and the effective management of its cash usage as it scales operations.

  • Pipeline Dependence and Clinical/Regulatory Failures for Other Candidates

    Despite the approval of MYQORZO, Cytokinetics' future growth and revenue diversification depend heavily on the success of its broader pipeline. The company has other drug candidates, such as reldesemtiv (Phase III), CK-136 (Phase I), and additional trials for aficamten (e.g., in non-obstructive HCM). The prior rejection of omecamtiv mecarbil by an FDA advisory committee, which deemed its benefits did not outweigh its risks in treating a form of heart failure, underscores the inherent clinical trial and regulatory risks in biopharmaceutical development. Delays or outright failures in clinical trials, or difficulties in securing regulatory approvals for these future candidates, remain significant risks that could impede long-term growth.

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Addressable Markets for Cytokinetics' Main Products

  • Omecamtiv mecarbil (Cardiac myosin activator for heart failure):
    • The global heart failure drugs market size was valued at approximately USD 8.80 billion in 2025 and is projected to reach USD 28.29 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 15.73% from 2026 to 2033.
    • The U.S. heart failure drugs market size is estimated at USD 2.54 billion in 2025 and is expected to reach USD 8.03 billion by 2033, with a CAGR of 15.47% over the forecast period of 2026-2033.
  • Reldesemtiv (Skeletal muscle troponin activator for amyotrophic lateral sclerosis and spinal muscular atrophy):
    • null (The Phase III clinical trial for reldesemtiv in amyotrophic lateral sclerosis was discontinued in March 2023.)
  • Aficamten (Cardiac myosin inhibitor for symptomatic obstructive hypertrophic cardiomyopathy):
    • The global obstructive hypertrophic cardiomyopathy (oHCM) treatment market size was valued at USD 4.07 billion in 2024 and is expected to grow to USD 8 billion by 2035, at a CAGR of approximately 6.3% during the forecast period (2025-2035).
    • The North America obstructive hypertrophic cardiomyopathy treatment market was valued at USD 1.374 billion in 2024 and is projected to rise to USD 2.844 billion by 2035.
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AI Analysis | Feedback

Cytokinetics, Incorporated (CYTK) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the commercialization and expansion of its lead drug candidate, aficamten, and the advancement of its heart failure pipeline.

  1. U.S. Commercialization of Myqorzo (aficamten) for Obstructive Hypertrophic Cardiomyopathy (oHCM): Myqorzo (aficamten), a cardiac myosin inhibitor, received FDA approval in December 2025 for the treatment of adults with symptomatic obstructive hypertrophic cardiomyopathy and became available in the U.S. market in January 2026. Cytokinetics anticipates reporting product sales from Myqorzo with its first-quarter 2026 results. Initial commercial traction has shown encouraging early uptake and strong engagement from healthcare providers, with over 700 healthcare professionals (HCPs) certified within three weeks of launch.

  2. Global Expansion of Myqorzo (aficamten) for oHCM: Beyond the U.S., Myqorzo has also secured authorization in China and received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in the European Union. The company plans to initiate its European launch, starting with Germany, in the second quarter of 2026, further expanding its global market presence and contributing to revenue growth.

  3. Potential Label Expansion of Myqorzo (aficamten) to Non-Obstructive Hypertrophic Cardiomyopathy (nHCM): A significant driver of future revenue growth is the potential label expansion of aficamten to include non-obstructive hypertrophic cardiomyopathy. Topline results from the Phase 3 ACACIA-HCM trial are expected in the second quarter of 2026. A successful outcome in this trial would open a substantial new market segment for the drug, with analysts viewing it as a major catalyst for the company.

  4. Advancement of Omecamtiv Mecarbil in Heart Failure: Cytokinetics is continuing the confirmatory Phase 3 clinical trial, COMET-HF, for omecamtiv mecarbil, a cardiac myosin activator, in patients with symptomatic heart failure with severely reduced ejection fraction (HFrEF). Enrollment in this trial is expected to continue through 2026. While commercial sales may extend slightly beyond the immediate 2-3 year timeframe, successful progress in this late-stage trial is a crucial de-risking event that underpins significant future revenue potential and is an area of increasing appreciation by analysts.

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Share Repurchases

  • Cytokinetics has not reported any share repurchases over the last 3-5 years. The company's 3-Year Share Buyback Ratio was -11.70% as of September 2025, indicating potential share issuance rather than repurchases.

Share Issuance

  • Cytokinetics' shares outstanding have consistently increased over the past few years, with a 16.83% increase from 2021 to 2022, a 7.46% increase from 2022 to 2023, and a 16.01% increase from 2023 to 2024.
  • In September 2025, Cytokinetics completed a convertible notes offering, bolstering its balance sheet to support commercial launches.
  • In February 2026, Cytokinetics filed an S-8 registration for 750,000 common shares as part of an ESOP-related offering, with a maximum aggregate offering price of $49.23 million.

Inbound Investments

  • As of December 31, 2025, Cytokinetics had approximately $1.22 billion in cash, cash equivalents, and investments, which included $100 million in proceeds from drawing on Tranche 5 of the Royalty Pharma Multi-Tranche Loan during the fourth quarter of 2025.
  • The company expanded a strategic partnership with Royalty Pharma in May 2024.
  • Cytokinetics' 2025 revenues included milestone payments and collaboration-related activities, such as technology transfer work linked to Bayer and regulatory milestones from a licensing agreement with Sanofi. Specifically, a $7.5 million milestone payment was received from Sanofi following the approval of Myqorzo in China.

Capital Expenditures

  • Cytokinetics' capital expenditures were $49 million in 2021, $11 million in 2022, $1.42 million in 2023, $3.91 million in 2024, and $25 million in 2025.
  • For 2026, the company plans to allocate funds to expand production capacity to meet global supply demands after potential drug launches.

Better Bets vs. Cytokinetics (CYTK)

Peer Outperformance in Biotechnology

CYTK has outperformed 87% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that CYTK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
68%
of 451 industry peers · 7.8% return
3Y
75%
of 397 industry peers · 93.1% return
5Y
87%
of 361 industry peers · 79.0% return
No Biotechnology peer with a comparable growth profile has beaten CYTK by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is CYTK's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 18.5%55.2%102.0% CAH 479% · MCK 412% · COR 196%
Health Care Services 20 17.6%41.0%11.8% HIMS 252% · RDNT 134% · DGX 78%
Health Care Facilities 24 5.0%18.5%6.1% THC 315% · NHC 301% · ENSG 147%
Managed Health Care 8 39.5%0.2%4.7% OSCR 107% · HQY 44% · ELV 12%
Health Care Equipment 50 -4.3%4.2%-11.9% UFPT 362% · GKOS 275% · TMDX 178%
Pharmaceuticals 61 -11.8%2.7%-33.0% LQDA 913% · KNSA 665% · CORT 498%
Health Care Supplies 11 14.1%-7.3%-41.0% LNTH 331% · HAE 67% · MMSI 30%
Life Sciences Tools & Services 109 -12.9%-9.4%-66.4% NTRA 261% · MEDP 231% · IRTC 63%
Biotechnology ← 362 -23.9%-23.8%-80.5% DNTH 1102% · ELVN 1036% · ADMA 912%
Health Care Technology 22 -30.8%-64.5%-82.7% VEEV 0% · DOCS -54%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CYTKBMYSRPTBBIOEWTXIONSMedian
NameCytokine.Bristol .Sarepta .BridgeBi.Edgewise.Ionis Ph. 
Mkt Price63.9161.5019.1967.9739.7445.6053.55
Mkt Cap8.4125.62.013.34.37.58.0
Rev LTM6849,1871,9747130874794
Op Inc LTM-70813,842-62-478-219-594-348
FCF LTM-58111,44075-438-159-568-298
FCF 3Y Avg-47312,988-302-508-130-410-356
CFO LTM-55512,782111-434-158-496-296
CFO 3Y Avg-46014,282-195-502-129-358-277

Growth & Margins

CYTKBMYSRPTBBIOEWTXIONSMedian
NameCytokine.Bristol .Sarepta .BridgeBi.Edgewise.Ionis Ph. 
Rev Chg LTM-21.1%3.1%-20.4%202.4%--7.4%-7.4%
Rev Chg 3Y Avg848.7%2.9%31.5%1,323.7%-12.5%31.5%
Rev Chg Q-57.1%5.7%-34.3%120.4%--40.7%-34.3%
QoQ Delta Rev Chg LTM-36.0%1.5%-9.6%23.0%--17.4%-9.6%
Op Inc Chg LTM-29.4%39.1%-6,578.0%26.0%-25.4%-123.0%-27.4%
Op Inc Chg 3Y Avg-14.2%22.3%-2,191.0%-0.3%-34.2%-24.5%-19.3%
Op Mgn LTM-1,046.1%28.1%-3.2%-67.0%--68.0%-67.0%
Op Mgn 3Y Avg-5,944.2%21.4%-0.2%-190.1%--47.0%-47.0%
QoQ Delta Op Mgn LTM-441.1%0.1%-3.2%19.9%--34.7%-3.2%
CFO/Rev LTM-820.8%26.0%5.6%-60.9%--56.8%-56.8%
CFO/Rev 3Y Avg-4,684.0%29.9%-10.9%-176.1%--41.2%-41.2%
FCF/Rev LTM-858.2%23.3%3.8%-61.4%--64.9%-61.4%
FCF/Rev 3Y Avg-4,704.2%27.2%-16.5%-178.7%--47.1%-47.1%

Valuation

CYTKBMYSRPTBBIOEWTXIONSMedian
NameCytokine.Bristol .Sarepta .BridgeBi.Edgewise.Ionis Ph. 
Mkt Cap8.4125.62.013.34.37.58.0
P/S124.72.61.018.7-8.68.6
P/Op Inc-11.99.1-32.5-27.9-19.5-12.7-16.1
P/EBIT-11.09.2-34.1-26.7-19.5-15.7-17.6
P/E-9.413.5-14.8-19.2-21.7-13.3-14.1
P/CFO-15.29.818.2-30.6-27.0-15.2-15.2
Total Yield-10.6%11.4%-6.8%-5.2%-4.6%-7.5%-6.0%
Dividend Yield0.0%4.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-6.8%12.4%-8.9%-6.3%-5.1%-4.8%-5.7%
D/E0.20.40.50.20.00.20.2
Net D/E0.00.30.10.1-0.1-0.10.1

Returns

CYTKBMYSRPTBBIOEWTXIONSMedian
NameCytokine.Bristol .Sarepta .BridgeBi.Edgewise.Ionis Ph. 
1M Rtn-7.1%-1.5%-4.6%2.0%-12.3%2.6%-3.0%
3M Rtn-21.2%2.0%18.4%-17.6%0.4%-14.6%-7.1%
6M Rtn-2.9%5.8%-7.2%-10.8%22.5%-39.0%-5.0%
12M Rtn7.7%47.4%-16.7%20.8%158.2%-38.0%14.3%
3Y Rtn93.0%25.5%-82.7%176.6%481.8%-1.2%59.2%
1M Excs Rtn-4.0%0.6%-3.4%3.5%-9.6%2.9%-1.4%
3M Excs Rtn-24.4%0.1%19.2%-19.9%1.5%-17.7%-8.8%
6M Excs Rtn-11.3%-2.6%-15.6%-19.3%14.0%-47.5%-13.5%
12M Excs Rtn-5.6%32.3%-29.7%8.7%148.9%-52.6%1.6%
3Y Excs Rtn9.9%-51.3%-160.8%83.2%415.3%-82.3%-20.7%

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA219083  MYQORZOaficamtentablet12192025-1.6%25.6%2.0%2.0%2.0%
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA219083  MYQORZOaficamtentablet12192025-1.6%25.6%2.0%2.0%2.0%

Clinical Pipeline

Drug CandidateIndicationPhase 3 TrialsEst. Primary Completion
AficamtenSymptomatic hypertrophic cardiomyopathy3Aug 2026
Omecamtiv Mecarbil (CK-1827452)Heart failure with reduced ejection fraction1Sep 2027
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment881889570
Total881889570


Price Behavior

Price Behavior
Market Price$63.95 
Market Cap ($ Bil)8.4 
First Trading Date04/30/2004 
Distance from 52W High-26.7% 
   50 Days200 Days
DMA Price$69.71$70.14
DMA Trenddownindeterminate
Distance from DMA-8.3%-8.8%
 3M1YR
Volatility34.4%42.9%
Downside Capture68.3760.24
Upside Capture-97.8957.07
Correlation (S&P 500)2.1%24.1%
CYTK Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.370.140.400.660.850.90
Up Beta-0.480.240.851.871.450.76
Down Beta-1.15-0.430.560.290.370.63
Up Capture20%-31%-33%19%79%145%
Bmk +ve Days6162766132424
Stock +ve Days10212860127364
Down Capture155%118%114%39%80%102%
Bmk -ve Days16263760120328
Stock -ve Days12213666125385

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CYTK
CYTK9.5%42.9%0.32-
Sector ETF (XLV)27.2%16.2%1.2924.2%
Equity (SPY)16.8%12.7%0.9324.1%
Gold (GLD)-2.9%29.3%-0.1020.3%
Commodities (DBC)52.5%20.7%1.93-11.3%
Real Estate (VNQ)5.1%13.8%0.1112.3%
Bitcoin (BTCUSD)-23.7%43.6%-0.5012.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CYTK
CYTK10.7%67.1%0.39-
Sector ETF (XLV)9.2%15.3%0.4024.4%
Equity (SPY)13.6%17.1%0.6124.5%
Gold (GLD)18.1%18.9%0.779.9%
Commodities (DBC)9.7%19.5%0.383.1%
Real Estate (VNQ)1.4%18.9%-0.0321.5%
Bitcoin (BTCUSD)7.7%51.7%0.3313.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CYTK
CYTK20.3%67.8%0.55-
Sector ETF (XLV)11.4%16.8%0.5627.8%
Equity (SPY)15.3%17.9%0.7226.8%
Gold (GLD)12.1%16.4%0.608.7%
Commodities (DBC)8.2%18.1%0.375.5%
Real Estate (VNQ)5.2%20.7%0.2120.7%
Bitcoin (BTCUSD)62.9%66.2%1.037.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity19.3 Mil
Short Interest: % Change Since 915202610.6%
Average Daily Volume2.3 Mil
Days-to-Cover Short Interest8.4 days
Basic Shares Quantity132.1 Mil
Short % of Basic Shares14.6%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-5.7%-9.7%-10.6%
5/5/2026-2.9%-3.0%-6.2%
2/24/2026-10.3%-13.4%-11.0%
11/5/20251.9%11.4%8.3%
8/7/2025-3.2%9.8%47.8%
5/6/2025-2.7%-9.9%-5.6%
2/27/2025-3.1%-8.8%-9.0%
8/8/20243.3%5.7%3.4%
...
SUMMARY STATS   
# Positive1099
# Negative131414
Median Positive4.2%7.7%8.3%
Median Negative-3.2%-8.1%-5.9%
Max Positive10.9%11.4%47.8%
Max Negative-10.3%-18.0%-20.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-5.7%-9.7%-10.6%
5/5/2026-2.9%-3.0%-6.2%
2/24/2026-10.3%-13.4%-11.0%
11/5/20251.9%11.4%8.3%
8/7/2025-3.2%9.8%47.8%
5/6/2025-2.7%-9.9%-5.6%
2/27/2025-3.1%-8.8%-9.0%
8/8/20243.3%5.7%3.4%
5/8/2024-1.9%-7.3%-19.1%
2/27/2024-9.8%-18.0%-11.8%
11/2/20234.8%-4.4%-2.2%
8/3/20234.7%2.5%13.6%
5/4/20230.4%-3.7%-3.3%
3/1/2023-8.1%-9.0%-20.6%
11/3/2022-5.0%-1.6%-4.1%
8/4/202210.9%5.9%15.7%
5/4/2022-1.7%-10.1%4.5%
2/24/20223.2%7.7%7.4%
11/3/20216.3%7.7%-3.2%
8/5/20215.2%7.2%7.3%
5/6/20213.7%8.0%-4.5%
2/25/2021-5.6%-6.4%20.3%
11/4/2020-2.4%-5.4%-4.9%
SUMMARY STATS   
# Positive1099
# Negative131414
Median Positive4.2%7.7%8.3%
Median Negative-3.2%-8.1%-5.9%
Max Positive10.9%11.4%47.8%
Max Negative-10.3%-18.0%-20.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/06/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/05/202310-Q
12/31/202203/01/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/07/202510-Q
03/31/202505/06/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202302/28/202410-K
09/30/202311/03/202310-Q
06/30/202308/03/202310-Q
03/31/202305/05/202310-Q
12/31/202203/01/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/04/202010-K
09/30/201911/01/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Non-cash stock-based compensation expenseReported130.00 Mil135.00 Mil140.00 Mil8.0% RaisedGuidance: 125.00 Mil for 2026
2026 GAAP combined R&D and SG&A ExpenseReported860.00 Mil875.00 Mil890.00 Mil2.9% RaisedGuidance: 850.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 GAAP Combined R&D and SG&A ExpenseReported830.00 Mil850.00 Mil870.00 Mil0 AffirmedGuidance: 850.00 Mil for 2026
2026 Non-cash stock-based compensation expense included in GAAP Combined R&D and SG&A ExpenseReported120.00 Mil125.00 Mil130.00 Mil0 AffirmedGuidance: 125.00 Mil for 2026

Q4 2025 Earnings Reported 2/24/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Non-cash stock-based compensation expenseReported120.00 Mil125.00 Mil130.00 Mil8.7% Higher NewGuidance: 115.00 Mil for 2025
2026 GAAP Combined R&D and SG&A ExpenseReported830.00 Mil850.00 Mil870.00 Mil   

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Non-cash stock-based compensation expenseReported110.00 Mil115.00 Mil120.00 Mil0 AffirmedGuidance: 115.00 Mil for 2025
2025 GAAP operating expenseReported680.00 Mil690.00 Mil700.00 Mil0 AffirmedGuidance: 690.00 Mil for 2025

Insider Activity

Updated 10/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1020202664.013,500224,0359,851,267Form
2Blum, Robert IPresident & CEODirectSell1013202662.887,500471,60017,514,847Form
3Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1006202661.383,500214,8309,446,505Form
4Blum, Robert IPresident & CEODirectSell928202665.467,500490,95018,233,490Form
5Malik, Fady IbrahamEVP Research & DevelopmentDirectSell922202668.293,500239,01510,509,968Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1020202664.013,500224,0359,851,267Form
2Blum, Robert IPresident & CEODirectSell1013202662.887,500471,60017,514,847Form
3Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1006202661.383,500214,8309,446,505Form
4Blum, Robert IPresident & CEODirectSell928202665.467,500490,95018,233,490Form
5Malik, Fady IbrahamEVP Research & DevelopmentDirectSell922202668.293,500239,01510,509,968Form
6Landry, Robert E DirectSell915202672.131,00072,130590,312Form
7Blum, Robert IPresident & CEOby Trust 3. Beneficial Ownership Disclaimed.Sell915202669.3397,926  Form
8Blum, Robert IPresident & CEODirectSell915202673.447,500550,80027,747,101Form
9Landry, Robert E DirectSell911202674.661,00074,660685,677Form
10Malik, Fady IbrahamEVP Research & DevelopmentDirectSell908202675.463,500264,11011,613,445Form
11Parshall, B Lynne DirectSell901202671.485,000357,400770,840Form
12Callos, AndrewEVP, Chief Commercial OfficerDirectSell831202670.2410,000702,4004,112,903Form
13Blum, Robert IPresident & CEODirectSell831202670.247,500526,80026,538,077Form
14Malik, Fady IbrahamEVP Research & DevelopmentDirectSell818202675.823,500265,37011,668,850Form
15Blum, Robert IPresident & CEODirectSell810202676.767,500575,70029,001,463Form
16Callos, AndrewEVP, Chief Commercial OfficerDirectSell730202679.8814,0001,118,3204,677,373Form
17Blum, Robert IPresident & CEODirectSell727202680.877,500606,52530,554,303Form
18Malik, Fady IbrahamEVP Research & DevelopmentDirectSell723202680.593,500282,06512,402,962Form
19Blum, Robert IPresident & CEODirectSell714202682.027,500615,15030,988,796Form
20Malik, Fady IbrahamEVP Research & DevelopmentDirectSell707202686.623,500303,17013,330,991Form
21Blum, Robert IPresident & CEODirectSell702202684.927,500636,90032,085,324Form
22Callos, AndrewEVP, Chief Commercial OfficerDirectSell702202685.8015,0001,287,0005,024,019Form
23Lee, SungEVP, Chief Financial OfficerDirectSell702202687.791,11297,6225,550,172Form
24Lee, SungEVP, Chief Financial OfficerDirectSell629202685.003,134266,3905,373,785Form
25Lee, SungEVP, Chief Financial OfficerDirectSell629202682.3038,7303,187,4795,203,088Form
26Malik, Fady IbrahamEVP Research & DevelopmentDirectSell623202679.513,500278,28512,236,748Form
27Blum, Robert IPresident & CEODirectSell615202670.467,500528,45027,150,352Form
28Malik, Fady IbrahamEVP Research & DevelopmentDirectSell609202667.983,500237,93010,462,258Form
29Kaye, Edward M MD DirectSell601202676.092,933223,172782,433Form
30Callos, AndrewEVP, Chief Commercial OfficerDirectSell601202674.0815,0001,111,2004,337,754Form
31Parshall, B Lynne DirectSell601202674.085,000370,4001,169,279Form
32Blum, Robert IPresident & CEODirectSell528202677.217,500579,07530,330,404Form
33Malik, Fady IbrahamEVP Research & DevelopmentDirectSell520202675.693,500264,91511,648,842Form
34Blum, Robert IPresident & CEODirectSell514202677.927,500584,40031,193,714Form
35Callos, AndrewEVP, Chief Commercial OfficerDirectSell504202665.0015,8571,030,7053,806,075Form
36Blum, Robert IPresident & CEODirectSell429202659.627,500447,15024,314,825Form
37Malik, Fady IbrahamEVP Research & DevelopmentDirectSell421202665.693,500229,91510,109,822Form
38Callos, AndrewEVP, Chief Commercial OfficerDirectSell415202666.027,449491,7833,865,801Form
39Blum, Robert IPresident & CEODirectSell415202665.387,500490,35027,154,275Form
40Malik, Fady IbrahamEVP Research & DevelopmentDirectSell408202665.114,500292,98510,020,217Form
41Callos, AndrewEVP, Chief Commercial OfficerDirectSell331202665.003,639236,5354,290,260Form
42Callos, AndrewEVP, Chief Commercial OfficerDirectSell318202662.071,930119,7954,852,943Form
43Lee, SungEVP, Chief Financial OfficerDirectSell318202662.154,935306,7105,414,943Form
44Callos, AndrewEVP, Chief Commercial OfficerDirectSell318202662.158,542530,8854,448,262Form
45Malik, Fady IbrahamEVP Research & DevelopmentDirectSell318202662.1512,033747,8519,565,009Form
46Blum, Robert IPresident & CEODirectSell318202662.1536,6012,274,75226,745,010Form
47Callos, AndrewEVP, Chief Commercial OfficerDirectSell316202661.031,709104,3002,816,473Form
48Callos, AndrewEVP, Chief Commercial OfficerDirectSell310202660.722,582156,7792,905,938Form
49Malik, Fady IbrahamEVP Research & DevelopmentDirectSell310202660.722,907176,5138,417,553Form
50Blum, Robert IPresident & CEODirectSell310202660.727,931481,57023,782,385Form
51Callos, AndrewEVP, Chief Commercial OfficerDirectSell305202661.8726,0001,608,7303,120,936Form
52Parshall, B Lynne DirectSell302202661.215,000306,0501,097,679Form
53Callos, AndrewEVP, Chief Commercial OfficerDirectSell302202661.6288654,5953,108,113Form
54Callos, AndrewEVP, Chief Commercial OfficerDirectSell205202661.9315,000928,9503,123,749Form
55Callos, AndrewEVP, Chief Commercial OfficerDirectSell202202662.1088655,0213,132,324Form
56Callos, AndrewEVP, Chief Commercial OfficerDirectSell105202660.2815,000904,2003,040,523Form
57Callos, AndrewEVP, Chief Commercial OfficerDirectSell102202662.621,798112,5853,158,385Form
58Callos, AndrewEVP, Chief Commercial OfficerDirectSell1230202562.441,809112,9543,206,481Form
59Wierenga, Wendell DirectSell1223202566.1420,0001,322,8002,145,846Form
60Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1216202561.242,200134,7288,484,924Form
61Callos, AndrewEVP, Chief Commercial OfficerDirectSell1208202565.961,04268,7303,341,534Form
62Callos, AndrewEVP, Chief Commercial OfficerDirectSell1205202565.9552,4863,461,4523,341,027Form
63Henderson, John T DirectSell1202202563.908,750559,1254,765,534Form
64Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1202202563.892,200140,5588,983,573Form
65Kaye, Edward M MD DirectSell1202202566.7228,0641,872,430665,665Form
66Harrington, Robert Arthur DirectSell1202202566.802,150143,6201,238,606Form
67Parshall, B Lynne DirectSell1119202564.735,000323,6501,484,453Form
68Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1118202566.452,200146,1909,343,534Form
69Kaye, Edward M MD DirectSell1112202565.085,175336,789649,303Form
70Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1104202559.552,295136,6678,373,326Form
71Blum, Robert IPresident & CEODirectSell1030202562.865,000314,30022,510,669Form
72Wierenga, Wendell DirectSell1027202558.684,375256,7251,903,814Form
73Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1021202558.222,105122,5538,186,314Form
74Blum, Robert IPresident & CEODirectSell1016202560.035,000300,15021,797,373Form
75Malik, Fady IbrahamEVP Research & DevelopmentDirectSell1007202560.562,000121,1208,515,342Form
76Kaye, Edward M MD DirectSell1006202560.006,757405,420586,680Form
77Blum, Robert IPresident & CEODirectSell1001202555.055,000275,25020,264,345Form
78Kaye, Edward M MD DirectSell930202555.086,695368,761910,748Form

Investor Activity (13F)

Updated Oct 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Melqart Asset Management (UK) Ltd$55.6 Mil5.5%41ADD +35.5%13F
Trails Edge Capital Partners, LP$19.8 Mil4.7%26New13F
Checkpoint Capital L.P.$11.9 Mil4.3%8ADD +7.9%13F
GSK plc$22.4 Mil3.7%13Hold13F
Catalio Capital Management, LP$14.2 Mil3.0%41TRIM -16.6%13F
MPM Bioimpact LLC$33.0 Mil2.5%41New13F
Avoro Capital Advisors LLC$219.7 Mil2.2%30New13F
First Turn Management, LLC$18.7 Mil2.1%33TRIM -12.9%13F
Paradigm Biocapital Advisors LP$97.6 Mil2.0%35New13F
Frazier Life Sciences Management, L.P.$76.4 Mil2.0%38ADD +24.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Avoro Capital Advisors LLC$219.7 Mil2.2%30New13F
Paradigm Biocapital Advisors LP$97.6 Mil2.0%35New13F
MPM Bioimpact LLC$33.0 Mil2.5%41New13F
Trails Edge Capital Partners, LP$19.8 Mil4.7%26New13F
Melqart Asset Management (UK) Ltd$55.6 Mil5.5%41ADD +35.5%13F
Frazier Life Sciences Management, L.P.$76.4 Mil2.0%38ADD +24.1%13F
Checkpoint Capital L.P.$11.9 Mil4.3%8ADD +7.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Rosalind Advisors, Inc.$12.4 Mil4.5%29ExitedDec 31, 202513F
Catalio Capital Management, LP$14.2 Mil3.0%41TRIM -16.6%Mar 31, 202613F
First Turn Management, LLC$18.7 Mil2.1%33TRIM -12.9%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Avoro Capital Advisors LLC$219.7 Mil2.2%30New13F
Paradigm Biocapital Advisors LP$97.6 Mil2.0%35New13F
Frazier Life Sciences Management, L.P.$76.4 Mil2.0%38ADD +24.1%13F
Melqart Asset Management (UK) Ltd$55.6 Mil5.5%41ADD +35.5%13F
MPM Bioimpact LLC$33.0 Mil2.5%41New13F
GSK plc$22.4 Mil3.7%13Hold13F
Trails Edge Capital Partners, LP$19.8 Mil4.7%26New13F
First Turn Management, LLC$18.7 Mil2.1%33TRIM -12.9%13F
Catalio Capital Management, LP$14.2 Mil3.0%41TRIM -16.6%13F
Checkpoint Capital L.P.$11.9 Mil4.3%8ADD +7.9%13F
Core Cache Last Updated: 10/20/2026