Norges Bank Takes $51.28 Million Position in Cytokinetics, Incorporated $CYTK

Norges Bank purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 807,070 shares of the biopharmaceutical company’s stock, valued at approximately $51,281,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its position in Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after purchasing an additional 171 shares during the period. CIBC Private Wealth Group LLC boosted its position in Cytokinetics by 8.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company’s stock worth $191,000 after purchasing an additional 261 shares during the period. Fifth Third Bancorp boosted its position in Cytokinetics by 32.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock worth $59,000 after purchasing an additional 262 shares during the period. Danske Bank A S boosted its position in Cytokinetics by 23.1% during the 4th quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 300 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its position in Cytokinetics by 1.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company’s stock worth $1,551,000 after purchasing an additional 300 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CYTK shares. Wells Fargo & Company upped their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a research report on Tuesday, March 10th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Morgan Stanley upped their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, UBS Group set a $119.00 price target on shares of Cytokinetics in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Price Performance

Shares of CYTK stock opened at $71.48 on Monday. Cytokinetics, Incorporated has a 12 month low of $31.99 and a 12 month high of $80.20. The firm has a market capitalization of $8.89 billion, a P/E ratio of -10.45 and a beta of 0.42. The company’s fifty day moving average price is $69.97 and its two-hundred day moving average price is $65.94.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. During the same quarter in the prior year, the firm earned ($1.36) EPS. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $3,806,075. This represents a 21.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the sale, the chief executive officer owned 430,330 shares in the company, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 168,489 shares of company stock worth $11,155,134 in the last quarter. 2.60% of the stock is owned by corporate insiders.

Cytokinetics Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.