Long Position on CYTK @ $54.00 on 9/6/2022 (Momentum)

Cytokinetics, Incorporated (CYTK) is a late-stage biopharmaceutical company. 

The company focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases.

The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

Its drug candidates include omecamtiv mecarbil, a novel cardiac myosin activator that is in Phase III clinical trial in patients with heart failure; and reldesemtiv, a skeletal muscle troponin activator, which is in Phase III clinical trial to treat amyotrophic lateral sclerosis and spinal muscular atrophy.

The company also develops CK-136, a novel cardiac troponin activator that is in Phase I clinical trial; aficamten, a novel cardiac myosin inhibitor, which is in Phase III clinical trial for the treatment of patients with symptomatic obstructive hypertrophic cardiomyopathy; and CK-3772271, a small molecule cardiac myosin inhibitor that is in Phase I clinical trial. 

On August 4th, Cytokinetics reported a 2nd Quarter June 2022 loss of $0.23 per share on revenue of $89.0 million. The consensus estimate was a loss of $1.04 per share on revenue of $3.5 million. Revenue grew 3,029.4% on a year-over-year basis. The company expects to end 2022 with more than $800 million in cash. Shares have formed a bullish "cup and handle" following the report. Higher share prices are expected. 

Entry Point: $54.00

Stop Loss: $51.30

Trading Range: $29.10 - $55.28

Target Price: $59.50

Position closed on 9/6/2022 at price of $51.25 with a -5.09% loss in 0 days.

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