23,000 Shares in Cytokinetics, Incorporated (NASDAQ:CYTK) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 23,000 shares of the biopharmaceutical company’s stock, valued at approximately $1,082,000.

A number of other large investors also recently modified their holdings of CYTK. Harvey Capital Management Inc. purchased a new position in shares of Cytokinetics in the 4th quarter valued at about $1,040,000. abrdn plc boosted its holdings in Cytokinetics by 29.4% in the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after purchasing an additional 102,457 shares in the last quarter. AlphaQuest LLC increased its stake in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cytokinetics by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock worth $62,807,000 after purchasing an additional 13,798 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its position in shares of Cytokinetics by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 143,495 shares of the biopharmaceutical company’s stock worth $6,750,000 after buying an additional 565 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CYTK. Stifel Nicolaus began coverage on shares of Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a report on Thursday, February 6th. Morgan Stanley set a $67.00 price target on Cytokinetics in a research note on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a research note on Friday, February 28th. Finally, Royal Bank of Canada raised their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $82.00.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $43.19 on Monday. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The stock has a 50 day simple moving average of $45.75 and a 200-day simple moving average of $49.52. The company has a market cap of $5.11 billion, a price-to-earnings ratio of -8.03 and a beta of 0.95. Cytokinetics, Incorporated has a 12-month low of $40.53 and a 12-month high of $75.71.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. On average, equities analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Buying and Selling

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $49.32, for a total value of $98,640.00. Following the completion of the transaction, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert I. Blum sold 16,970 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total value of $737,176.80. Following the sale, the chief executive officer now owns 364,181 shares in the company, valued at approximately $15,820,022.64. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,834 shares of company stock valued at $1,949,275. Corporate insiders own 3.40% of the company’s stock.

Cytokinetics Company 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.