State of New Jersey Common Pension Fund D Cuts Stock Position in Cytokinetics, Incorporated $CYTK

State of New Jersey Common Pension Fund D lessened its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 38,799 shares of the biopharmaceutical company’s stock after selling 17,103 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cytokinetics were worth $2,465,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after buying an additional 673 shares in the last quarter. Quarry LP purchased a new stake in Cytokinetics in the 3rd quarter worth $30,000. TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the 4th quarter worth $32,000. Advisory Services Network LLC purchased a new stake in Cytokinetics in the 3rd quarter worth $32,000. Finally, Johnson Financial Group Inc. purchased a new stake in Cytokinetics in the 3rd quarter worth $40,000.

Cytokinetics Stock Down 2.9%

CYTK opened at $74.84 on Thursday. The firm has a 50-day simple moving average of $64.13 and a two-hundred day simple moving average of $63.75. Cytokinetics, Incorporated has a 52 week low of $29.31 and a 52 week high of $80.20. The company has a market capitalization of $9.30 billion, a PE ratio of -10.94 and a beta of 0.38.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same period in the previous year, the business posted ($1.36) EPS. The firm’s revenue was up 1112.5% on a year-over-year basis. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -6.31 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 26,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $61.87, for a total value of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares of the company’s stock, valued at approximately $3,120,722.80. This trade represents a 34.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 36,601 shares of the 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 transaction, the chief executive officer directly owned 430,330 shares of the company’s stock, valued at approximately $26,745,009.50. The trade was a 7.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 169,976 shares of company stock valued at $10,710,369. Insiders own 2.60% of the company’s stock.

Cytokinetics News Roundup

Here are the key news stories impacting Cytokinetics this week:

• Positive Sentiment: Topline pivotal Phase?3 success — the ACACIA?HCM trial of aficamten (non?obstructive HCM) met both dual primary endpoints with supportive secondary data, materially de?risking the program and boosting commercial/regulatory prospects. Read More.
• Positive Sentiment: Early commercial traction and revenue beat — MYQORZO U.S. launch showed ~275 HCPs prescribing to ~680 patients in Q1 and generated ~$4.8M in partial?quarter net product revenue; company reported Q1 revenue of $19.36M (well above consensus) and ~$1.1B cash on hand to fund launch. Read More.
• Positive Sentiment: Analyst momentum — several firms raised price targets and reiterated buy/outperform views following the trial & launch updates, supporting upside sentiment. Read More.
• Neutral Sentiment: Q1 EPS in line but losses continue — GAAP loss of ($1.67) matched estimates even as revenue surprised to the upside, highlighting strong top?line launch execution but ongoing operating losses while scaling. Read More.
• Neutral Sentiment: Insider selling under 10b5?1 plans — EVPs Andrew Callos and Fady Malik disclosed multi?sale transactions executed via Rule 10b5?1 plans; these are planned sales (not necessarily negative on fundamentals) but can prompt near?term investor attention. Read More.
• Negative Sentiment: Planned $650M common stock offering — the proposed underwritten offering would fund commercialization and development but introduces near?term dilution risk and is likely the main driver of selling pressure following the earlier rally. Read More.

Analyst Upgrades and Downgrades

Several research analysts have commented on CYTK shares. Leerink Partners reissued an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Robert W. Baird set a $84.00 price objective on shares of Cytokinetics in a report on Tuesday, March 10th. Truist Financial set a $106.00 price objective on shares of Cytokinetics in a report on Tuesday. Morgan Stanley increased their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, UBS Group set a $119.00 price objective on shares of Cytokinetics in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.75.

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.