989,721 Shares in Cytokinetics, Incorporated (NASDAQ:CYTK) Purchased by Norges Bank

Norges Bank acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, HoldingsChannel reports. The firm acquired 989,721 shares of the biopharmaceutical company’s stock, valued at approximately $46,556,000.

Other hedge funds have also made changes to their positions in the company. Two Sigma Advisers LP acquired a new stake in shares of Cytokinetics in the third quarter worth approximately $11,336,000. Janus Henderson Group PLC boosted its stake in Cytokinetics by 17.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock worth $60,399,000 after purchasing an additional 167,501 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after buying an additional 154,216 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after buying an additional 109,938 shares during the last quarter. Finally, abrdn plc lifted its stake in shares of Cytokinetics by 29.4% in the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after buying an additional 102,457 shares in the last quarter.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 16,970 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the completion of the transaction, the chief executive officer now owns 364,181 shares in the company, valued at $15,820,022.64. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Andrew Callos sold 3,341 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the sale, the executive vice president now owns 64,434 shares in the company, valued at approximately $2,788,059.18. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,284 shares of company stock worth $2,578,268. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Morgan Stanley set a $67.00 price target on Cytokinetics in a research report on Friday, March 7th. Stifel Nicolaus assumed coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price objective on the stock. Royal Bank of Canada boosted their price objective on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Trading Down 7.8 %

CYTK opened at $37.36 on Friday. Cytokinetics, Incorporated has a 52 week low of $36.89 and a 52 week high of $75.71. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The business has a fifty day simple moving average of $44.93 and a 200-day simple moving average of $49.03. The firm has a market cap of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. On average, equities analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

About Cytokinetics

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.