Cytokinetics (CYTK)
Market Price (11/7/2026): $54.39 | Market Cap: $7.6 BilSector: Health Care | Industry: Biotechnology
Cytokinetics (CYTK)
Market Price (11/7/2026): $54.39Market Cap: $7.6 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -28% Meaningful short interestShort 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 13% | Not profitable at operating income levelOp 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 -625% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 116% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -505%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -520% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% Key risksCYTK key risks include [1] the pivotal regulatory approval and commercialization of its lead drug aficamten, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -28% |
| Meaningful short interestShort 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 13% |
| Not profitable at operating income levelOp 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 -625% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 116% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -505%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -520% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% |
| Key risksCYTK key risks include [1] the pivotal regulatory approval and commercialization of its lead drug aficamten, Show more. |
Qualitative Assessment
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Cytokinetics (CYTK) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Increased Operating Expenses and Cash Burn.
Cytokinetics reported a decline in its cash, cash equivalents, and investments by approximately $100 million in fiscal Q3 2026, falling from $1.7 billion at the end of fiscal Q2 2026 to $1.6 billion by September 30, 2026. This cash utilization was driven by increased research and development (R&D) expenses, which rose to $99.3 million in fiscal Q3 2026, and a significant increase in selling, general, and administrative (SG&A) expenses to $113.1 million, primarily due to the commercial launch of MYQORZO.
2. "Buy the Rumor, Sell the News" Dynamic Following ACACIA-HCM Data.
While Cytokinetics announced positive primary results from the Phase 3 ACACIA-HCM clinical trial for aficamten in non-obstructive hypertrophic cardiomyopathy (nHCM) on August 28, 2026, showing statistically significant improvements, the stock may have experienced a "sell the news" reaction. Investors might have locked in profits following the official presentation and publication of data, as further regulatory milestones, such as the supplemental New Drug Application (sNDA) submission to the FDA for nHCM in fiscal Q4 2026 and an EU application in early 2027, are still future events.
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Cytokinetics (CYTK) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Increased Operating Expenses and Cash Burn.
Cytokinetics reported a decline in its cash, cash equivalents, and investments by approximately $100 million in fiscal Q3 2026, falling from $1.7 billion at the end of fiscal Q2 2026 to $1.6 billion by September 30, 2026. This cash utilization was driven by increased research and development (R&D) expenses, which rose to $99.3 million in fiscal Q3 2026, and a significant increase in selling, general, and administrative (SG&A) expenses to $113.1 million, primarily due to the commercial launch of MYQORZO.
2. "Buy the Rumor, Sell the News" Dynamic Following ACACIA-HCM Data.
While Cytokinetics announced positive primary results from the Phase 3 ACACIA-HCM clinical trial for aficamten in non-obstructive hypertrophic cardiomyopathy (nHCM) on August 28, 2026, showing statistically significant improvements, the stock may have experienced a "sell the news" reaction. Investors might have locked in profits following the official presentation and publication of data, as further regulatory milestones, such as the supplemental New Drug Application (sNDA) submission to the FDA for nHCM in fiscal Q4 2026 and an EU application in early 2027, are still future events.
3. Significant Insider Selling by CEO.
Robert I. Blum, Cytokinetics' President and Chief Executive Officer, executed an open market sale of 97,926 shares totaling approximately $6.79 million on September 15, 2026. Insider selling of this considerable amount can be interpreted by the market as a lack of strong conviction from leadership regarding the company's immediate future stock performance or a perceived overvaluation, contributing to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -30.4% change in CYTK stock from 7/31/2026 to 11/6/2026 was primarily driven by a -26.7% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.13 | 53.69 | -30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 106 | 113 | 7.1% |
| P/S Multiple | 89.9 | 65.9 | -26.7% |
| Shares Outstanding (Mil) | 123 | 139 | -11.3% |
| Cumulative Contribution | -30.4% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CYTK | -30.4% | |
| Market (SPY) | -1.6% | 38.4% |
| Sector (XLV) | 13.7% | 35.8% |
Fundamental Drivers
The -16.1% change in CYTK stock from 4/30/2026 to 11/6/2026 was primarily driven by a -25.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.97 | 53.69 | -16.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 113 | 28.7% |
| P/S Multiple | 89.0 | 65.9 | -25.9% |
| Shares Outstanding (Mil) | 122 | 139 | -11.9% |
| Cumulative Contribution | -16.1% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CYTK | -16.1% | |
| Market (SPY) | 2.6% | 30.3% |
| Sector (XLV) | 27.1% | 23.2% |
Fundamental Drivers
The -15.6% change in CYTK stock from 10/31/2025 to 11/6/2026 was primarily driven by a -25.6% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.59 | 53.69 | -15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 86 | 113 | 32.1% |
| P/S Multiple | 88.6 | 65.9 | -25.6% |
| Shares Outstanding (Mil) | 119 | 139 | -14.1% |
| Cumulative Contribution | -15.6% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CYTK | -15.6% | |
| Market (SPY) | 8.7% | 29.8% |
| Sector (XLV) | 29.8% | 29.7% |
Fundamental Drivers
The 54.0% change in CYTK stock from 10/31/2023 to 11/6/2026 was primarily driven by a 1038.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.86 | 53.69 | 54.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 113 | 1038.4% |
| P/S Multiple | 335.4 | 65.9 | -80.4% |
| Shares Outstanding (Mil) | 96 | 139 | -31.1% |
| Cumulative Contribution | 54.0% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| CYTK | 54.0% | |
| Market (SPY) | 81.9% | 18.9% |
| Sector (XLV) | 55.4% | 22.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CYTK Return | 119% | 1% | 82% | -44% | 35% | -16% | 158% |
| Peers Return | -43% | -2% | 87% | 25% | 43% | 6% | 98% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| CYTK Win Rate | 58% | 58% | 58% | 25% | 58% | 27% | |
| Peers Win Rate | 40% | 55% | 47% | 48% | 58% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| CYTK Max Drawdown | -31% | -35% | -41% | -57% | -42% | -38% | |
| Peers Max Drawdown | -57% | -43% | -38% | -35% | -46% | -33% | |
| 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 11/6/2026 (YTD)
How Low Can It Go
| Event | CYTK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.7% | -18.8% |
| % Gain to Breakeven | 55.5% | 23.1% |
| Time to Breakeven | 110 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.4% | -9.5% |
| % Gain to Breakeven | 19.6% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.5% | 7.1% |
| Time to Breakeven | 174 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.3% | -24.5% |
| % Gain to Breakeven | 54.7% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.4% | -33.7% |
| % Gain to Breakeven | 79.7% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.4% | -19.2% |
| % Gain to Breakeven | 57.2% | 23.8% |
| Time to Breakeven | 86 days | 105 days |
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.
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| Event | CYTK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.7% | -18.8% |
| % Gain to Breakeven | 55.5% | 23.1% |
| Time to Breakeven | 110 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.5% | 7.1% |
| Time to Breakeven | 174 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.3% | -24.5% |
| % Gain to Breakeven | 54.7% | 32.4% |
| Time to Breakeven | 147 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.4% | -33.7% |
| % Gain to Breakeven | 79.7% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.4% | -19.2% |
| % Gain to Breakeven | 57.2% | 23.8% |
| Time to Breakeven | 86 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.3% | -6.8% |
| % Gain to Breakeven | 39.4% | 7.3% |
| Time to Breakeven | 25 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -39.6% | -0.2% |
| % Gain to Breakeven | 65.5% | 0.2% |
| Time to Breakeven | 247 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.0% | -17.9% |
| % Gain to Breakeven | 31.6% | 21.8% |
| Time to Breakeven | 38 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.8% | -15.4% |
| % Gain to Breakeven | 44.5% | 18.2% |
| Time to Breakeven | 3583 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.2% | -53.4% |
| % Gain to Breakeven | 286.9% | 114.4% |
| Time to Breakeven | 4580 days | 1085 days |
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.
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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.
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- 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.
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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.
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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.
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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
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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.
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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.)
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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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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.
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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.
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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.
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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.
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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.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 8.1% | 55.6% | 91.6% | CAH 507% · MCK 390% · COR 176% |
| Health Care Services | 20 | 33.3% | 22.4% | 7.1% | HIMS 212% · RDNT 120% · DGX 100% |
| Health Care Facilities | 25 | 13.7% | 21.0% | 1.0% | THC 276% · NHC 212% · EHC 179% |
| Managed Health Care | 8 | 58.5% | -2.5% | -2.4% | OSCR 80% · HQY 52% · ELV 8% |
| Health Care Equipment | 50 | 11.3% | 12.9% | -18.2% | UFPT 361% · GKOS 294% · TMDX 180% |
| Pharmaceuticals | 61 | -9.5% | 10.3% | -37.3% | LQDA 975% · XERS 679% · KNSA 537% |
| Health Care Supplies | 11 | 29.2% | 17.3% | -41.2% | LNTH 248% · HAE 61% · MMSI 26% |
| Life Sciences Tools & Services | 108 | -8.2% | -13.1% | -74.5% | AXGN 264% · MEDP 189% · NTRA 168% |
| Biotechnology ← | 364 | -24.2% | -34.6% | -81.5% | ELVN 1194% · TRVI 1125% · DNTH 995% |
| Health Care Technology | 21 | -23.7% | -52.4% | -82.9% | VEEV -5% · DOCS -52% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.73 |
| Mkt Cap | 7.1 |
| Rev LTM | 910 |
| Op Inc LTM | -286 |
| FCF LTM | -286 |
| FCF 3Y Avg | -321 |
| CFO LTM | -285 |
| CFO 3Y Avg | -253 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 25.5% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 3.7% |
| Op Inc Chg 3Y Avg | -5.7% |
| Op Mgn LTM | -37.3% |
| Op Mgn 3Y Avg | -47.0% |
| QoQ Delta Op Mgn LTM | 2.7% |
| CFO/Rev LTM | -39.0% |
| CFO/Rev 3Y Avg | -41.2% |
| FCF/Rev LTM | -39.1% |
| FCF/Rev 3Y Avg | -47.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.1 |
| P/S | 7.7 |
| P/Op Inc | -16.9 |
| P/EBIT | -18.2 |
| P/E | -10.8 |
| P/CFO | -13.4 |
| Total Yield | -5.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -5.3% |
| D/E | 0.2 |
| Net D/E | 0.0 |
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 | MYQORZO | aficamten | tablet | 12192025 | -1.6% | 25.6% | -14.4% | -14.4% | -14.4% |
| 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 | MYQORZO | aficamten | tablet | 12192025 | -1.6% | 25.6% | -14.4% | -14.4% | -14.4% |
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| Aficamten | Symptomatic hypertrophic cardiomyopathy | 3 | Aug 2026 |
| Omecamtiv Mecarbil (CK-1827452) | Heart failure with reduced ejection fraction | 1 | Sep 2027 |
Price Behavior
| Market Price | $53.69 | |
| Market Cap ($ Bil) | 7.5 | |
| First Trading Date | 04/30/2004 | |
| Distance from 52W High | -38.5% | |
| 50 Days | 200 Days | |
| DMA Price | $65.67 | $69.97 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -18.2% | -23.3% |
| 3M | 1YR | |
| Volatility | 40.2% | 43.8% |
| Downside Capture | 81.86 | 53.02 |
| Upside Capture | -30.34 | 53.64 |
| Correlation (S&P 500) | 3.8% | 22.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.16 | 0.06 | 0.02 | 0.53 | 0.74 | 0.84 |
| Up Beta | -3.63 | -0.45 | -0.06 | 1.96 | 1.62 | 0.74 |
| Down Beta | 0.22 | -0.21 | -0.13 | 0.34 | 0.39 | 0.63 |
| Up Capture | -55% | -19% | -37% | 13% | 41% | 95% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 18 | 29 | 58 | 120 | 359 |
| Down Capture | 17% | 75% | 78% | 22% | 66% | 100% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 25 | 35 | 68 | 131 | 390 |
[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 | |
|---|---|---|---|---|
| CYTK | -9.3% | 43.8% | -0.11 | - |
| Sector ETF (XLV) | 28.6% | 16.9% | 1.31 | 30.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 30.2% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 19.3% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -11.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 18.2% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 13.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CYTK | |
|---|---|---|---|---|
| CYTK | 7.3% | 67.3% | 0.34 | - |
| Sector ETF (XLV) | 8.3% | 15.4% | 0.35 | 25.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 25.3% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 9.5% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 2.8% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 21.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 13.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CYTK | |
|---|---|---|---|---|
| CYTK | 18.9% | 67.9% | 0.53 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.59 | 28.0% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 27.1% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 8.6% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 5.4% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 20.9% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 8.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -12.7% | ||
| 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% |
| 11/5/2025 | 1.9% | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 4.2% | 7.7% | 8.3% |
| Median Negative | -4.1% | -8.1% | -5.9% |
| Max Positive | 10.9% | 11.4% | 47.8% |
| Max Negative | -12.7% | -18.0% | -20.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -12.7% | ||
| 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% |
| 11/5/2025 | 1.9% | 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% |
| 8/8/2024 | 3.3% | 5.7% | 3.4% |
| 5/8/2024 | -1.9% | -7.3% | -19.1% |
| 2/27/2024 | -9.8% | -18.0% | -11.8% |
| 11/2/2023 | 4.8% | -4.4% | -2.2% |
| 8/3/2023 | 4.7% | 2.5% | 13.6% |
| 5/4/2023 | 0.4% | -3.7% | -3.3% |
| 3/1/2023 | -8.1% | -9.0% | -20.6% |
| 11/3/2022 | -5.0% | -1.6% | -4.1% |
| 8/4/2022 | 10.9% | 5.9% | 15.7% |
| 5/4/2022 | -1.7% | -10.1% | 4.5% |
| 2/24/2022 | 3.2% | 7.7% | 7.4% |
| 11/3/2021 | 6.3% | 7.7% | -3.2% |
| 8/5/2021 | 5.2% | 7.2% | 7.3% |
| 5/6/2021 | 3.7% | 8.0% | -4.5% |
| 2/25/2021 | -5.6% | -6.4% | 20.3% |
| 11/4/2020 | -2.4% | -5.4% | -4.9% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 9 |
| # Negative | 14 | 14 | 14 |
| Median Positive | 4.2% | 7.7% | 8.3% |
| Median Negative | -4.1% | -8.1% | -5.9% |
| Max Positive | 10.9% | 11.4% | 47.8% |
| Max Negative | -12.7% | -18.0% | -20.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP Combined R&D and SG&A Expense | Reported | 860.00 Mil | 875.00 Mil | 890.00 Mil | 0.0% | Affirmed | Guidance: 875.00 Mil for 2026 | |
| 2026 Non-Cash Stock-Based Compensation Expense Included in Combined R&D and SG&A Expense | Reported | 130.00 Mil | 135.00 Mil | 140.00 Mil | 0.0% | Affirmed | Guidance: 135.00 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-cash stock-based compensation expense | Reported | 130.00 Mil | 135.00 Mil | 140.00 Mil | 8.0% | Raised | Guidance: 125.00 Mil for 2026 | |
| 2026 GAAP combined R&D and SG&A Expense | Reported | 860.00 Mil | 875.00 Mil | 890.00 Mil | 2.9% | Raised | Guidance: 850.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 GAAP Combined R&D and SG&A Expense | Reported | 830.00 Mil | 850.00 Mil | 870.00 Mil | 0 | Affirmed | Guidance: 850.00 Mil for 2026 | |
| 2026 Non-cash stock-based compensation expense included in GAAP Combined R&D and SG&A Expense | Reported | 120.00 Mil | 125.00 Mil | 130.00 Mil | 0 | Affirmed | Guidance: 125.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-cash stock-based compensation expense | Reported | 120.00 Mil | 125.00 Mil | 130.00 Mil | 8.7% | Higher New | Guidance: 115.00 Mil for 2025 | |
| 2026 GAAP Combined R&D and SG&A Expense | Reported | 830.00 Mil | 850.00 Mil | 870.00 Mil | ||||
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 11032026 | 62.93 | 3,500 | 220,255 | 9,685,053 | Form |
| 2 | Blum, Robert I | President & CEO | Direct | Sell | 11022026 | 62.81 | 7,500 | 471,075 | 17,495,349 | Form |
| 3 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 10202026 | 64.01 | 3,500 | 224,035 | 9,851,267 | Form |
| 4 | Blum, Robert I | President & CEO | Direct | Sell | 10132026 | 62.88 | 7,500 | 471,600 | 17,514,847 | Form |
| 5 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 10062026 | 61.38 | 3,500 | 214,830 | 9,446,505 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 11032026 | 62.93 | 3,500 | 220,255 | 9,685,053 | Form |
| 2 | Blum, Robert I | President & CEO | Direct | Sell | 11022026 | 62.81 | 7,500 | 471,075 | 17,495,349 | Form |
| 3 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 10202026 | 64.01 | 3,500 | 224,035 | 9,851,267 | Form |
| 4 | Blum, Robert I | President & CEO | Direct | Sell | 10132026 | 62.88 | 7,500 | 471,600 | 17,514,847 | Form |
| 5 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 10062026 | 61.38 | 3,500 | 214,830 | 9,446,505 | Form |
| 6 | Blum, Robert I | President & CEO | Direct | Sell | 9282026 | 65.46 | 7,500 | 490,950 | 18,233,490 | Form |
| 7 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 9222026 | 68.29 | 3,500 | 239,015 | 10,509,968 | Form |
| 8 | Landry, Robert E | Direct | Sell | 9152026 | 72.13 | 1,000 | 72,130 | 590,312 | Form | |
| 9 | Blum, Robert I | President & CEO | by Trust 3. Beneficial Ownership Disclaimed. | Sell | 9152026 | 69.33 | 97,926 | Form | ||
| 10 | Blum, Robert I | President & CEO | Direct | Sell | 9152026 | 73.44 | 7,500 | 550,800 | 27,747,101 | Form |
| 11 | Landry, Robert E | Direct | Sell | 9112026 | 74.66 | 1,000 | 74,660 | 685,677 | Form | |
| 12 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 9082026 | 75.46 | 3,500 | 264,110 | 11,613,445 | Form |
| 13 | Parshall, B Lynne | Direct | Sell | 9012026 | 71.48 | 5,000 | 357,400 | 770,840 | Form | |
| 14 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 8312026 | 70.24 | 10,000 | 702,400 | 4,112,903 | Form |
| 15 | Blum, Robert I | President & CEO | Direct | Sell | 8312026 | 70.24 | 7,500 | 526,800 | 26,538,077 | Form |
| 16 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 8182026 | 75.82 | 3,500 | 265,370 | 11,668,850 | Form |
| 17 | Blum, Robert I | President & CEO | Direct | Sell | 8102026 | 76.76 | 7,500 | 575,700 | 29,001,463 | Form |
| 18 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 7302026 | 79.88 | 14,000 | 1,118,320 | 4,677,373 | Form |
| 19 | Blum, Robert I | President & CEO | Direct | Sell | 7272026 | 80.87 | 7,500 | 606,525 | 30,554,303 | Form |
| 20 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 7232026 | 80.59 | 3,500 | 282,065 | 12,402,962 | Form |
| 21 | Blum, Robert I | President & CEO | Direct | Sell | 7142026 | 82.02 | 7,500 | 615,150 | 30,988,796 | Form |
| 22 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 7072026 | 86.62 | 3,500 | 303,170 | 13,330,991 | Form |
| 23 | Blum, Robert I | President & CEO | Direct | Sell | 7022026 | 84.92 | 7,500 | 636,900 | 32,085,324 | Form |
| 24 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 7022026 | 85.80 | 15,000 | 1,287,000 | 5,024,019 | Form |
| 25 | Lee, Sung | EVP, Chief Financial Officer | Direct | Sell | 7022026 | 87.79 | 1,112 | 97,622 | 5,550,172 | Form |
| 26 | Lee, Sung | EVP, Chief Financial Officer | Direct | Sell | 6292026 | 85.00 | 3,134 | 266,390 | 5,373,785 | Form |
| 27 | Lee, Sung | EVP, Chief Financial Officer | Direct | Sell | 6292026 | 82.30 | 38,730 | 3,187,479 | 5,203,088 | Form |
| 28 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 6232026 | 79.51 | 3,500 | 278,285 | 12,236,748 | Form |
| 29 | Blum, Robert I | President & CEO | Direct | Sell | 6152026 | 70.46 | 7,500 | 528,450 | 27,150,352 | Form |
| 30 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 6092026 | 67.98 | 3,500 | 237,930 | 10,462,258 | Form |
| 31 | Kaye, Edward M MD | Direct | Sell | 6012026 | 76.09 | 2,933 | 223,172 | 782,433 | Form | |
| 32 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 6012026 | 74.08 | 15,000 | 1,111,200 | 4,337,754 | Form |
| 33 | Parshall, B Lynne | Direct | Sell | 6012026 | 74.08 | 5,000 | 370,400 | 1,169,279 | Form | |
| 34 | Blum, Robert I | President & CEO | Direct | Sell | 5282026 | 77.21 | 7,500 | 579,075 | 30,330,404 | Form |
| 35 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 5202026 | 75.69 | 3,500 | 264,915 | 11,648,842 | Form |
| 36 | Blum, Robert I | President & CEO | Direct | Sell | 5142026 | 77.92 | 7,500 | 584,400 | 31,193,714 | Form |
| 37 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 5042026 | 65.00 | 15,857 | 1,030,705 | 3,806,075 | Form |
| 38 | Blum, Robert I | President & CEO | Direct | Sell | 4292026 | 59.62 | 7,500 | 447,150 | 24,314,825 | Form |
| 39 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 4212026 | 65.69 | 3,500 | 229,915 | 10,109,822 | Form |
| 40 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 4152026 | 66.02 | 7,449 | 491,783 | 3,865,801 | Form |
| 41 | Blum, Robert I | President & CEO | Direct | Sell | 4152026 | 65.38 | 7,500 | 490,350 | 27,154,275 | Form |
| 42 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 4082026 | 65.11 | 4,500 | 292,985 | 10,020,217 | Form |
| 43 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3312026 | 65.00 | 3,639 | 236,535 | 4,290,260 | Form |
| 44 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3182026 | 62.07 | 1,930 | 119,795 | 4,852,943 | Form |
| 45 | Lee, Sung | EVP, Chief Financial Officer | Direct | Sell | 3182026 | 62.15 | 4,935 | 306,710 | 5,414,943 | Form |
| 46 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3182026 | 62.15 | 8,542 | 530,885 | 4,448,262 | Form |
| 47 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 3182026 | 62.15 | 12,033 | 747,851 | 9,565,009 | Form |
| 48 | Blum, Robert I | President & CEO | Direct | Sell | 3182026 | 62.15 | 36,601 | 2,274,752 | 26,745,010 | Form |
| 49 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3162026 | 61.03 | 1,709 | 104,300 | 2,816,473 | Form |
| 50 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3102026 | 60.72 | 2,582 | 156,779 | 2,905,938 | Form |
| 51 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 3102026 | 60.72 | 2,907 | 176,513 | 8,417,553 | Form |
| 52 | Blum, Robert I | President & CEO | Direct | Sell | 3102026 | 60.72 | 7,931 | 481,570 | 23,782,385 | Form |
| 53 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3052026 | 61.87 | 26,000 | 1,608,730 | 3,120,936 | Form |
| 54 | Parshall, B Lynne | Direct | Sell | 3022026 | 61.21 | 5,000 | 306,050 | 1,097,679 | Form | |
| 55 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 3022026 | 61.62 | 886 | 54,595 | 3,108,113 | Form |
| 56 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 2052026 | 61.93 | 15,000 | 928,950 | 3,123,749 | Form |
| 57 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 2022026 | 62.10 | 886 | 55,021 | 3,132,324 | Form |
| 58 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 1052026 | 60.28 | 15,000 | 904,200 | 3,040,523 | Form |
| 59 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 1022026 | 62.62 | 1,798 | 112,585 | 3,158,385 | Form |
| 60 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 12302025 | 62.44 | 1,809 | 112,954 | 3,206,481 | Form |
| 61 | Wierenga, Wendell | Direct | Sell | 12232025 | 66.14 | 20,000 | 1,322,800 | 2,145,846 | Form | |
| 62 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 12162025 | 61.24 | 2,200 | 134,728 | 8,484,924 | Form |
| 63 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 12082025 | 65.96 | 1,042 | 68,730 | 3,341,534 | Form |
| 64 | Callos, Andrew | EVP, Chief Commercial Officer | Direct | Sell | 12052025 | 65.95 | 52,486 | 3,461,452 | 3,341,027 | Form |
| 65 | Henderson, John T | Direct | Sell | 12022025 | 63.90 | 8,750 | 559,125 | 4,765,534 | Form | |
| 66 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 12022025 | 63.89 | 2,200 | 140,558 | 8,983,573 | Form |
| 67 | Kaye, Edward M MD | Direct | Sell | 12022025 | 66.72 | 28,064 | 1,872,430 | 665,665 | Form | |
| 68 | Harrington, Robert Arthur | Direct | Sell | 12022025 | 66.80 | 2,150 | 143,620 | 1,238,606 | Form | |
| 69 | Parshall, B Lynne | Direct | Sell | 11192025 | 64.73 | 5,000 | 323,650 | 1,484,453 | Form | |
| 70 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 11182025 | 66.45 | 2,200 | 146,190 | 9,343,534 | Form |
| 71 | Kaye, Edward M MD | Direct | Sell | 11122025 | 65.08 | 5,175 | 336,789 | 649,303 | Form | |
| 72 | Malik, Fady Ibraham | EVP Research & Development | Direct | Sell | 11042025 | 59.55 | 2,295 | 136,667 | 8,373,326 | Form |
Investor Activity (13F)
Updated Nov 7, 2026Active 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 Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Melqart Asset Management (UK) Ltd | $55.6 Mil | 5.5% | 41 | ADD +35.5% | 13F |
| Trails Edge Capital Partners, LP | $19.8 Mil | 4.7% | 26 | New | 13F |
| Checkpoint Capital L.P. | $11.9 Mil | 4.3% | 8 | ADD +7.9% | 13F |
| GSK plc | $22.4 Mil | 3.7% | 13 | Hold | 13F |
| Catalio Capital Management, LP | $14.2 Mil | 3.0% | 41 | TRIM -16.6% | 13F |
| MPM Bioimpact LLC | $33.0 Mil | 2.5% | 41 | New | 13F |
| Avoro Capital Advisors LLC | $219.7 Mil | 2.2% | 30 | New | 13F |
| First Turn Management, LLC | $18.7 Mil | 2.1% | 33 | TRIM -12.9% | 13F |
| Paradigm Biocapital Advisors LP | $97.6 Mil | 2.0% | 35 | New | 13F |
| Frazier Life Sciences Management, L.P. | $76.4 Mil | 2.0% | 38 | ADD +24.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Avoro Capital Advisors LLC | $219.7 Mil | 2.2% | 30 | New | 13F |
| Paradigm Biocapital Advisors LP | $97.6 Mil | 2.0% | 35 | New | 13F |
| MPM Bioimpact LLC | $33.0 Mil | 2.5% | 41 | New | 13F |
| Trails Edge Capital Partners, LP | $19.8 Mil | 4.7% | 26 | New | 13F |
| Melqart Asset Management (UK) Ltd | $55.6 Mil | 5.5% | 41 | ADD +35.5% | 13F |
| Frazier Life Sciences Management, L.P. | $76.4 Mil | 2.0% | 38 | ADD +24.1% | 13F |
| Checkpoint Capital L.P. | $11.9 Mil | 4.3% | 8 | ADD +7.9% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Avoro Capital Advisors LLC | $219.7 Mil | 2.2% | 30 | New | 13F |
| Paradigm Biocapital Advisors LP | $97.6 Mil | 2.0% | 35 | New | 13F |
| Frazier Life Sciences Management, L.P. | $76.4 Mil | 2.0% | 38 | ADD +24.1% | 13F |
| Melqart Asset Management (UK) Ltd | $55.6 Mil | 5.5% | 41 | ADD +35.5% | 13F |
| MPM Bioimpact LLC | $33.0 Mil | 2.5% | 41 | New | 13F |
| GSK plc | $22.4 Mil | 3.7% | 13 | Hold | 13F |
| Trails Edge Capital Partners, LP | $19.8 Mil | 4.7% | 26 | New | 13F |
| First Turn Management, LLC | $18.7 Mil | 2.1% | 33 | TRIM -12.9% | 13F |
| Catalio Capital Management, LP | $14.2 Mil | 3.0% | 41 | TRIM -16.6% | 13F |
| Checkpoint Capital L.P. | $11.9 Mil | 4.3% | 8 | ADD +7.9% | 13F |
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