Fisher Asset Management LLC Raises Stock Holdings in Cytokinetics, Incorporated $CYTK

Fisher Asset Management LLC lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 3.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 761,587 shares of the biopharmaceutical company’s stock after buying an additional 27,907 shares during the quarter. Fisher Asset Management LLC’s holdings in Cytokinetics were worth $41,857,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in Cytokinetics during the 2nd quarter worth $39,122,000. Frazier Life Sciences Management L.P. bought a new position in shares of Cytokinetics during the second quarter worth about $18,328,000. Rosalind Advisors Inc. acquired a new position in Cytokinetics in the second quarter worth about $13,216,000. Vestal Point Capital LP increased its holdings in Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Cytokinetics by 1,639.2% during the second quarter. AQR Capital Management LLC now owns 347,739 shares of the biopharmaceutical company’s stock valued at $11,489,000 after buying an additional 327,745 shares in the last quarter.

Insider Activity

In other Cytokinetics news, EVP Andrew Callos sold 52,486 shares of the firm’s stock in a transaction dated 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 owned 50,660 shares of the company’s stock, valued at approximately $3,341,027. This trade represents a 50.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares of the company’s stock, valued at approximately $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 110,221 shares of company stock valued at $7,101,425. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CYTK. Needham & Company LLC boosted their price target on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Leerink Partners lifted their price objective on shares of Cytokinetics from $83.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, February 26th. Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Finally, Barclays assumed coverage on shares of Cytokinetics in a research note on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective on the stock. Seventeen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.83.

Cytokinetics Trading Down 1.2%

CYTK opened at $60.72 on Wednesday. The business’s 50 day moving average is $64.07 and its 200-day moving average is $59.22. The stock has a market cap of $7.48 billion, a PE ratio of -9.30 and a beta of 0.56. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. Cytokinetics’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.26) EPS. As a group, analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

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.