Hedge Funds Are Buying Cytokinetics, Inc. (CYTK)

Consequently, key money managers have been driving this bullishness. Sabby Capital, managed by Hal Mintz, initiated the most outsized call position in Cytokinetics, Inc. (NASDAQ:CYTK). Sabby Capital had $2.1 million invested in the company at the end of the quarter. Peter Algert and Kevin Coldiron’s Algert Coldiron Investors also initiated a $0.5 million position during the quarter. The other funds with brand new CYTK positions are Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners, Cliff Asness’s AQR Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Cytokinetics, Inc. (NASDAQ:CYTK) but similarly valued. These stocks are PowerSecure International, Inc. (NASDAQ:POWR), Cohu, Inc. (NASDAQ:COHU), Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR), and Empresas ICA SA (ADR) (NYSE:ICA). This group of stocks’ market caps are similar to CYTK’s market cap.

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 $12 million. That figure was $47 million in CYTK’s case. Cohu, Inc. (NASDAQ:COHU) is the most popular stock in this table. On the other hand Fifth Street Senior Floating Rate Corp (NASDAQ:FSFR) is the least popular one with only 4 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.