Handelsbanken Fonder AB Sells 28,700 Shares of Cytokinetics, Incorporated $CYTK

Handelsbanken Fonder AB reduced its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 12.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 205,800 shares of the biopharmaceutical company’s stock after selling 28,700 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cytokinetics were worth $13,077,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CYTK. EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 673 shares in the last quarter. Quarry LP bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $30,000. TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the 4th quarter worth approximately $32,000. Advisory Services Network LLC bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $32,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $40,000.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Citigroup assumed coverage on Cytokinetics in a research report on Monday. They issued a “buy” rating and a $99.00 price target on the stock. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Citizens Jmp boosted their price target on Cytokinetics from $88.00 to $96.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Robert W. Baird set a $84.00 price target on Cytokinetics in a research report on Tuesday, March 10th. Finally, Needham & Company LLC boosted their price target on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Trading Down 0.9%

CYTK stock opened at $78.06 on Friday. The stock has a market capitalization of $9.71 billion, a PE ratio of -11.41 and a beta of 0.38. Cytokinetics, Incorporated has a 12-month low of $29.81 and a 12-month high of $80.20. The stock’s 50 day simple moving average is $67.11 and its 200 day simple moving average is $65.05.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the company posted ($1.36) earnings per share. On average, research analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 26,000 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the transaction, the executive vice president directly owned 50,440 shares of the company’s stock, valued at approximately $3,120,722.80. This represents a 34.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at $26,745,009.50. This trade represents a 7.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 177,476 shares of company stock valued at $11,294,769. 2.60% of the stock is owned by corporate insiders.

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.