Municipal Employees Retirement System of Michigan increased its position in shares of Cytokinetics, Inc. (NASDAQ:CYTK) by 74.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,990 shares of the biopharmaceutical company’s stock after buying an additional 8,120 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Cytokinetics were worth $275,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Cytokinetics by 59.9% in the second quarter. Vanguard Group Inc. now owns 3,117,496 shares of the biopharmaceutical company’s stock valued at $37,721,000 after purchasing an additional 1,168,151 shares in the last quarter. Janus Henderson Group PLC acquired a new position in Cytokinetics in the second quarter valued at approximately $32,488,000. State Street Corp boosted its holdings in Cytokinetics by 79.6% in the second quarter. State Street Corp now owns 1,674,335 shares of the biopharmaceutical company’s stock valued at $20,259,000 after purchasing an additional 741,909 shares in the last quarter. Citigroup Inc. boosted its holdings in Cytokinetics by 9.9% in the second quarter. Citigroup Inc. now owns 800,471 shares of the biopharmaceutical company’s stock valued at $9,686,000 after purchasing an additional 71,811 shares in the last quarter. Finally, Balyasny Asset Management LLC boosted its holdings in Cytokinetics by 24.5% in the second quarter. Balyasny Asset Management LLC now owns 631,800 shares of the biopharmaceutical company’s stock valued at $7,645,000 after purchasing an additional 124,300 shares in the last quarter. Hedge funds and other institutional investors own 73.72% of the company’s stock.

Shares of Cytokinetics, Inc. (NASDAQ:CYTK) opened at $7.70 on Tuesday. Cytokinetics, Inc. has a fifty-two week low of $7.00 and a fifty-two week high of $17.20. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.60 and a current ratio of 7.60.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, October 26th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.64) by $0.04. The business had revenue of $6.18 million during the quarter, compared to the consensus estimate of $5.35 million. Cytokinetics had a negative return on equity of 62.64% and a negative net margin of 172.27%. analysts anticipate that Cytokinetics, Inc. will post -2.4 EPS for the current fiscal year.

In related news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $13.51, for a total transaction of $67,550.00. Following the completion of the sale, the chief executive officer now directly owns 70,180 shares of the company’s stock, valued at $948,131.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Caryn Gordon Mcdowell sold 13,181 shares of the stock in a transaction on Friday, October 6th. The stock was sold at an average price of $15.49, for a total value of $204,173.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,762 shares of company stock valued at $497,826. Corporate insiders own 7.20% of the company’s stock.

CYTK has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of Cytokinetics in a report on Friday, October 27th. Seaport Global Securities reaffirmed a “buy” rating and issued a $24.00 price target on shares of Cytokinetics in a report on Friday, October 6th. Cantor Fitzgerald reissued a “buy” rating and issued a $21.00 price objective on shares of Cytokinetics in a report on Tuesday, September 26th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Cytokinetics in a report on Sunday, September 17th. Finally, TheStreet downgraded Cytokinetics from a “c” rating to a “d” rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $17.64.

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About Cytokinetics

Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.

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Institutional Ownership by Quarter for Cytokinetics (NASDAQ:CYTK)

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