Is Cytokinetics (CYTK) a Good Long-Term Investment?

Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like Cytokinetics, Incorporated (NASDAQ:CYTK) in its Q3 2022 investor letter. Headquartered in South San Francisco, California, Cytokinetics, Incorporated (NASDAQ:CYTK) is a biopharmaceutical company. On October 14, 2022, Cytokinetics, Incorporated (NASDAQ:CYTK) stock closed at $45.95 per share. One-month return of Cytokinetics, Incorporated (NASDAQ:CYTK) was -12.16% and its shares gained 28.46% of their value over the last 52 weeks. Cytokinetics, Incorporated (NASDAQ:CYTK) has a market capitalization of $4.326 billion.

Here is what Baron Funds specifically said about Cytokinetics, Incorporated (NASDAQ:CYTK) in its Q3 2022 investor letter:

“Cytokinetics, Incorporated (NASDAQ:CYTK) is a biotechnology company developing novel drugs for cardiovascular disease, starting with heart failure and hypertrophic cardiomyopathy. Shares increased largely due to pull through from this summer’s positive results in the Phase 2 trial of its drug aficamten and the market perception of Cytokinetics as a desirable M&A target. We will be closely monitoring the upcoming commercial approval of lead asset omecamtiv mecarbil and results from the commercial launch of Bristol Myers’ mavacamten, a competitor of aficamten.”

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Cytokinetics, Incorporated (NASDAQ:CYTK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Cytokinetics, Incorporated (NASDAQ:CYTK) at the end of the second quarter which was 30 in the previous quarter.

We discussed Cytokinetics, Incorporated (NASDAQ:CYTK) in another article and shared the list of best stocks to invest in according to the billionaire biotech hedge fund manager Joe Edelman. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.