California State Teachers Retirement System boosted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK – Free Report) by 27.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,599 shares of the biopharmaceutical company’s stock after acquiring an additional 29,275 shares during the period. California State Teachers Retirement System’s holdings in Cytokinetics were worth $9,003,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CYTK. Vanguard Group Inc. raised its position in Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after buying an additional 191,336 shares during the last quarter. Royce & Associates LP raised its holdings in Cytokinetics by 44.3% during the fourth quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock valued at $9,177,000 after acquiring an additional 44,343 shares during the period. Norges Bank bought a new stake in shares of Cytokinetics during the fourth quarter valued at approximately $51,281,000. GW&K Investment Management LLC lifted its stake in Cytokinetics by 161.5% in the 4th quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock worth $30,015,000 after purchasing an additional 291,693 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Cytokinetics by 8.0% during the 4th quarter. Fisher Asset Management LLC now owns 822,885 shares of the biopharmaceutical company’s stock valued at $52,286,000 after buying an additional 61,298 shares in the last quarter.
Cytokinetics Stock Up 2.8%
CYTK opened at $78.61 on Wednesday. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of -11.49 and a beta of 0.38. The business’s 50 day moving average is $78.78 and its two-hundred day moving average is $70.62. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31.
Analysts Set New Price Targets
Several research analysts have commented on the stock. HC Wainwright lifted their price objective on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Royal Bank Of Canada lowered their target price on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 7th. Needham & Company LLC reiterated a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, Citigroup initiated coverage on Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.90.
Get Our Latest Stock Report on Cytokinetics
Insider Transactions at Cytokinetics
In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $80.59, for a total transaction of $282,065.00. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $12,402,962.18. This trade represents a 2.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $80.87, for a total transaction of $606,525.00. Following the sale, the chief executive officer owned 377,820 shares in the company, valued at approximately $30,554,303.40. This trade represents a 1.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 115,179 shares of company stock valued at $9,126,054 in the last three months. 2.60% of the stock is owned by company insiders.
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.
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