California Public Employees Retirement System Raises Stock Position in Cytokinetics, Incorporated $CYTK

California Public Employees Retirement System raised its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 4.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,530 shares of the biopharmaceutical company’s stock after purchasing an additional 9,129 shares during the quarter. California Public Employees Retirement System owned 0.16% of Cytokinetics worth $13,085,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC increased its position in Cytokinetics by 361.9% during the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after purchasing an additional 225,576 shares during the period. Cetera Investment Advisers grew its stake in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company’s stock worth $219,000 after acquiring an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares in the last quarter. Gabelli Funds LLC raised its position in Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company’s stock worth $278,000 after buying an additional 1,910 shares during the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Cytokinetics by 3.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 121,822 shares of the biopharmaceutical company’s stock valued at $4,025,000 after purchasing an additional 4,602 shares in the last quarter.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $80.74 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $32.89 and a fifty-two week high of $88.31. The firm’s 50 day simple moving average is $78.54 and its 200 day simple moving average is $69.83. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of -11.80 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the company posted ($1.36) earnings per share. Equities research analysts expect that Cytokinetics, Incorporated will post -6.2 earnings per share for the current year.

Analyst Ratings Changes

CYTK has been the subject of several analyst reports. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $69.00 to $115.00 in a research note on Monday, June 29th. JPMorgan Chase & Co. upped their price target on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Morgan Stanley upped their price target on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Needham & Company LLC reissued a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a research report on Wednesday, June 17th. Finally, Mizuho raised their target price on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.90.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total value of $303,170.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $13,330,991.24. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 1,112 shares of Cytokinetics stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total transaction of $97,622.48. Following the sale, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. The trade was a 1.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 132,036 shares of company stock valued at $9,816,694. 2.60% of the stock is currently owned by corporate insiders.

About Cytokinetics

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.