Norges Bank Acquires Shares of 722,229 Cytokinetics, Incorporated (NASDAQ:CYTK)

Norges Bank acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTKFree Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 722,229 shares of the biopharmaceutical company’s stock, valued at approximately $60,299,000. Norges Bank owned approximately 0.74% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Cytokinetics by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock valued at $316,498,000 after purchasing an additional 472,595 shares in the last quarter. First Turn Management LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $67,414,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock worth $65,955,000 after acquiring an additional 33,257 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Cytokinetics during the 4th quarter worth $46,308,000. Finally, Fisher Asset Management LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $44,747,000.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $48.30 on Tuesday. The firm has a market capitalization of $5.06 billion, a PE ratio of -8.94 and a beta of 0.72. The firm’s 50-day moving average is $65.49 and its two-hundred day moving average is $64.05. Cytokinetics, Incorporated has a 1 year low of $25.98 and a 1 year high of $110.25.

Cytokinetics (NASDAQ:CYTKGet Free Report) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million for the quarter, compared to analysts’ expectations of $0.91 million. The business’s revenue for the quarter was down 81.8% on a year-over-year basis. During the same quarter last year, the firm earned ($1.38) EPS. Analysts expect that Cytokinetics, Incorporated will post -4.55 EPS for the current fiscal year.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the sale, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director John T. Henderson sold 10,562 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the sale, the director now directly owns 32,070 shares of the company’s stock, valued at $2,069,797.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total value of $2,422,877.55. Following the sale, the executive vice president now directly owns 138,567 shares of the company’s stock, valued at $10,296,913.77. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,318 shares of company stock valued at $6,319,540. 3.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CYTK. Needham & Company LLC reduced their price target on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. Oppenheimer reduced their price target on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Barclays reduced their price target on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, May 23rd. Bank of America reduced their price target on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. Finally, JMP Securities reduced their price target on Cytokinetics from $110.00 to $106.00 and set a “market outperform” rating on the stock in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $77.47.

Read Our Latest Report on Cytokinetics

Cytokinetics Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cytokinetics (NASDAQ:CYTK)

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