Geode Capital Management LLC Buys 56,961 Shares of Cytokinetics, Incorporated $CYTK

Geode Capital Management LLC lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,994,445 shares of the biopharmaceutical company’s stock after purchasing an additional 56,961 shares during the period. Geode Capital Management LLC’s holdings in Cytokinetics were worth $98,948,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Teacher Retirement System of Texas raised its stake in Cytokinetics by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after buying an additional 341 shares in the last quarter. KLP Kapitalforvaltning AS boosted its position in Cytokinetics by 1.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company’s stock valued at $793,000 after acquiring an additional 400 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of Cytokinetics by 0.4% during the 2nd quarter. New York State Teachers Retirement System now owns 114,500 shares of the biopharmaceutical company’s stock worth $3,783,000 after acquiring an additional 400 shares during the period. UMB Bank n.a. raised its position in shares of Cytokinetics by 37.8% in the 2nd quarter. UMB Bank n.a. now owns 1,593 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 437 shares in the last quarter. Finally, State of Michigan Retirement System lifted its stake in shares of Cytokinetics by 1.8% in the 2nd quarter. State of Michigan Retirement System now owns 28,700 shares of the biopharmaceutical company’s stock valued at $948,000 after purchasing an additional 500 shares during the period.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $63.50 on Friday. The firm’s 50 day moving average price is $58.09 and its 200-day moving average price is $43.64. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $67.98. The company has a market cap of $7.76 billion, a PE ratio of -12.45 and a beta of 0.58.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. During the same period last year, the business earned ($1.36) EPS. Cytokinetics’s revenue was up 318.1% on a year-over-year basis. On average, analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Bank of America upped their price target on Cytokinetics from $52.00 to $56.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a report on Tuesday, October 21st. HC Wainwright reissued a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday, September 29th. Royal Bank Of Canada upped their price target on Cytokinetics from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 11th. Finally, Evercore ISI lifted their price objective on Cytokinetics from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.86.

Insiders Place Their Bets

In other news, Director Edward M. Md Kaye sold 5,175 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $65.08, for a total value of $336,789.00. Following the completion of the transaction, the director owned 9,977 shares in the company, valued at $649,303.16. The trade was a 34.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Wendell Wierenga sold 4,375 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $58.68, for a total value of $256,725.00. Following the transaction, the director directly owned 32,444 shares in the company, valued at approximately $1,903,813.92. The trade was a 11.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 67,358 shares of company stock worth $3,895,365. 3.40% of the stock is owned by corporate insiders.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical 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.