Cytokinetics, Inc. (CYTK) Hedge Funds Are Snapping Up

Consequently, specific money managers were breaking ground themselves. Millennium Management, one of the 10 largest hedge funds in the world, created the most valuable position in Cytokinetics, Inc. (NASDAQ:CYTK). Millennium Management had $2.9 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also initiated a $0.5 million position during the quarter. The following funds were also among the new CYTK investors: Ken Griffin’s Citadel Investment Group, and Mike Vranos’ Ellington.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Cytokinetics, Inc. (NASDAQ:CYTK) but similarly valued. We will take a look at Dynex Capital Inc (NYSE:DX), Landec Corporation (NASDAQ:LNDC), Habit Restaurants Inc (NASDAQ:HABT), and Johnson Outdoors Inc. (NASDAQ:JOUT). This group of stocks’ market valuations are closest to CYTK’s market valuation.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $32 million. That figure was $86 million in CYTK’s case. Habit Restaurants Inc (NASDAQ:HABT) is the most popular stock in this table. On the other hand Landec Corporation (NASDAQ:LNDC) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Cytokinetics, Inc. (NASDAQ:CYTK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None