Cytokinetics, Incorporated $CYTK Shares Bought by California Public Employees Retirement System

California Public Employees Retirement System lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 4.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 198,530 shares of the biopharmaceutical company’s stock after purchasing an additional 9,129 shares during the period. California Public Employees Retirement System’s holdings in Cytokinetics were worth $13,085,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CYTK. Vanguard Group Inc. increased its holdings in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after acquiring an additional 191,336 shares during the last quarter. Norges Bank acquired a new stake in shares of Cytokinetics in the 4th quarter valued at approximately $51,281,000. Royce & Associates LP boosted its stake in shares of Cytokinetics by 44.3% in the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after buying an additional 44,343 shares in the last quarter. GW&K Investment Management LLC grew its holdings in Cytokinetics by 161.5% during the fourth quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock worth $30,015,000 after acquiring an additional 291,693 shares during the period. Finally, Eventide Asset Management LLC raised its position in Cytokinetics by 181.9% in the fourth quarter. Eventide Asset Management LLC now owns 479,611 shares of the biopharmaceutical company’s stock worth $30,473,000 after acquiring an additional 309,503 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have issued reports on CYTK shares. Mizuho upped their target price on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Stifel Nicolaus raised their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. UBS Group upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insiders Place Their Bets

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total value of $97,622.48. Following the transaction, the executive vice president directly owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. The trade was a 1.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 7,500 shares of Cytokinetics stock in a transaction on Monday, July 13th. The stock was sold at an average price of $82.02, for a total transaction of $615,150.00. Following the transaction, the chief executive officer directly owned 377,820 shares in the company, valued at $30,988,796.40. This represents a 1.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 132,036 shares of company stock valued at $9,816,694 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Cytokinetics Price Performance

CYTK opened at $80.74 on Friday. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The stock has a market capitalization of $10.05 billion, a P/E ratio of -11.80 and a beta of 0.42. The company’s 50 day simple moving average is $78.54 and its 200-day simple moving average is $69.83.

Cytokinetics (NASDAQ:CYTK) last issued 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 firm had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter last year, the firm earned ($1.36) earnings per share. The business’s revenue for the quarter was up 1112.5% on a year-over-year basis. As a group, analysts anticipate that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Cytokinetics Company 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.