Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 13.8% during the fourth quarter, HoldingsChannel reports. The firm owned 19,800 shares of the biopharmaceutical company’s stock after buying an additional 2,400 shares during the period. Handelsbanken Fonder AB’s holdings in Cytokinetics were worth $1,653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. increased its position in shares of Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company’s stock worth $73,000 after acquiring an additional 1,209 shares during the last quarter. Caprock Group LLC bought a new position in Cytokinetics during the fourth quarter worth $216,000. PNC Financial Services Group Inc. lifted its stake in Cytokinetics by 4.8% during the third quarter. PNC Financial Services Group Inc. now owns 7,373 shares of the biopharmaceutical company’s stock worth $217,000 after purchasing an additional 340 shares during the last quarter. HighTower Advisors LLC lifted its stake in Cytokinetics by 5.1% during the third quarter. HighTower Advisors LLC now owns 8,868 shares of the biopharmaceutical company’s stock worth $261,000 after purchasing an additional 434 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in Cytokinetics during the fourth quarter worth $263,000.

Insider Activity at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total value of $994,625.00. Following the transaction, the chief executive officer now directly owns 441,797 shares of the company’s stock, valued at approximately $35,153,787.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total value of $994,625.00. Following the transaction, the chief executive officer now directly owns 441,797 shares of the company’s stock, valued at approximately $35,153,787.29. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $79.30, for a total value of $2,585,576.50. Following the completion of the transaction, the executive vice president now directly owns 142,973 shares in the company, valued at $11,337,758.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,876 shares of company stock valued at $9,269,877. Corporate insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CYTK shares. Truist Financial restated a “buy” rating and set a $86.00 price objective on shares of Cytokinetics in a research note on Monday, April 8th. StockNews.com lowered Cytokinetics from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $90.00 target price (up from $60.00) on shares of Cytokinetics in a research report on Friday, January 5th. Mizuho dropped their target price on Cytokinetics from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $108.00 target price on shares of Cytokinetics in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $79.33.

Cytokinetics Trading Up 0.8 %

Shares of NASDAQ CYTK opened at $65.34 on Friday. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25. The business has a 50-day moving average price of $69.91 and a two-hundred day moving average price of $59.99. The firm has a market capitalization of $6.83 billion, a PE ratio of -11.99 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.35). The firm had revenue of $1.70 million during the quarter, compared to the consensus estimate of $7.62 million. During the same period in the previous year, the business earned ($1.45) earnings per share. Cytokinetics’s quarterly revenue was down 10.5% on a year-over-year basis. Research analysts anticipate that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Cytokinetics Profile

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.