Rhenman & Partners Asset Management AB Reduces Stock Position in Cytokinetics, Incorporated $CYTK

Rhenman & Partners Asset Management AB lessened its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 82.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 44,375 shares of the biopharmaceutical company’s stock after selling 210,875 shares during the quarter. Rhenman & Partners Asset Management AB’s holdings in Cytokinetics were worth $2,820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CYTK. Millennium Management LLC boosted its holdings in shares of Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after acquiring an additional 225,576 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Cytokinetics by 12.4% during the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares during the last quarter. Gabelli Funds LLC boosted its holdings in shares of Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after buying an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company’s stock worth $4,712,000 after buying an additional 13,911 shares during the last quarter.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $70.15 on Friday. Cytokinetics, Incorporated has a 1-year low of $31.99 and a 1-year high of $80.20. The company has a market capitalization of $8.73 billion, a P/E ratio of -10.26 and a beta of 0.42. The firm’s 50 day simple moving average is $70.40 and its two-hundred day simple moving average is $66.06.

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

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 36,601 shares of Cytokinetics stock in a transaction that occurred on 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 transaction, the chief executive officer owned 430,330 shares of the company’s stock, valued at $26,745,009.50. The trade was a 7.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $3,806,075. This represents a 21.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 171,989 shares of company stock valued at $11,393,064 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Citigroup assumed coverage on shares of Cytokinetics in a report on Monday, May 18th. They issued a “buy” rating and a $99.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, UBS Group set a $119.00 price objective on shares of Cytokinetics in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $99.30.

About Cytokinetics

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.