Ethic Inc. Purchases Shares of 9,522 Cytokinetics, Incorporated $CYTK

Ethic Inc. acquired a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,522 shares of the biopharmaceutical company’s stock, valued at approximately $523,000.

Other large investors have also bought and sold shares of the company. Sanders Morris Harris LLC purchased a new stake in Cytokinetics during the third quarter worth about $1,182,000. Norges Bank purchased a new stake in shares of Cytokinetics during the 2nd quarter worth approximately $39,122,000. Aberdeen Group plc increased its stake in shares of Cytokinetics by 53.2% during the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock worth $30,494,000 after purchasing an additional 320,508 shares during the last quarter. Zweig DiMenna Associates LLC bought a new stake in shares of Cytokinetics in the 2nd quarter worth approximately $1,176,000. Finally, Frazier Life Sciences Management L.P. purchased a new position in Cytokinetics in the second quarter valued at approximately $18,328,000.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $61.73 on Monday. The company’s fifty day moving average price is $63.58 and its 200-day moving average price is $50.76. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of -9.81 and a beta of 0.55. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million for the quarter, compared to the consensus estimate of $6.05 million. The company’s revenue for the quarter was up 318.1% on a year-over-year basis. During the same period last year, the firm earned ($1.36) EPS. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 52,486 shares of Cytokinetics stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $65.95, for a total transaction of $3,461,451.70. Following the transaction, the executive vice president directly owned 50,660 shares of the company’s stock, valued at approximately $3,341,027. This trade represents a 50.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Edward M. Md Kaye sold 28,064 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $66.72, for a total value of $1,872,430.08. Following the transaction, the director directly owned 9,977 shares in the company, valued at $665,665.44. This trade represents a 73.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 153,649 shares of company stock valued at $9,987,132. 3.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CYTK has been the topic of several research reports. Needham & Company LLC boosted their target price on Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Truist Financial set a $84.00 target price on shares of Cytokinetics in a research note on Monday, December 22nd. Morgan Stanley increased their target price on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research report on Tuesday, October 21st. Finally, Wall Street Zen cut Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $83.61.

Cytokinetics 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.