Louisiana State Employees Retirement System Acquires Shares of 35,500 Cytokinetics, Incorporated $CYTK

Louisiana State Employees Retirement System bought a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,500 shares of the biopharmaceutical company’s stock, valued at approximately $2,340,000.

A number of other large investors have also modified their holdings of the stock. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics during the 4th quarter worth approximately $27,000. Kestra Advisory Services LLC acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $29,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $32,000. Northwestern Mutual Wealth Management Co. grew its position in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after acquiring an additional 171 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Cytokinetics during the third quarter valued at approximately $30,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Mizuho raised their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Barclays lifted their target price on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Royal Bank Of Canada restated an “outperform” rating and set a $119.00 price objective on shares of Cytokinetics in a research note on Wednesday, June 17th. Truist Financial set a $106.00 target price on Cytokinetics in a research note on Tuesday, May 5th. Finally, Morgan Stanley upped their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Cytokinetics Trading Up 6.2%

CYTK stock opened at $87.26 on Tuesday. The stock’s 50 day simple moving average is $73.40 and its 200 day simple moving average is $67.10. Cytokinetics, Incorporated has a 12-month low of $32.66 and a 12-month high of $87.35. The firm has a market cap of $10.86 billion, a P/E ratio of -12.76 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.36) EPS. On average, research analysts forecast that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director directly owned 15,784 shares in the company, valued at $1,169,278.72. The trade was a 24.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $3,806,075. This trade represents a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 120,373 shares of company stock valued at $8,381,895. Company insiders own 2.60% of the company’s stock.

Cytokinetics Company 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.