Geode Capital Management LLC Buys 15,815 Shares of Cytokinetics, Incorporated $CYTK

Geode Capital Management LLC lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,056,017 shares of the biopharmaceutical company’s stock after purchasing an additional 15,815 shares during the period. Geode Capital Management LLC owned 2.50% of Cytokinetics worth $194,214,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Waterhouse Canada Inc. bought a new position in shares of Cytokinetics in the 4th quarter worth $32,000. Quarry LP bought a new position in shares of Cytokinetics in the 3rd quarter worth $30,000. Advisory Services Network LLC bought a new position in shares of Cytokinetics in the 3rd quarter worth $32,000. Clearstead Advisors LLC boosted its position in shares of Cytokinetics by 97.1% in the 4th quarter. Clearstead Advisors LLC now owns 670 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 330 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new position in shares of Cytokinetics in the 3rd quarter worth $40,000.

Insiders Place Their Bets

In other Cytokinetics news, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the sale, the executive vice president owned 58,555 shares of the company’s stock, valued at $3,806,075. This trade represents a 21.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at $9,565,009.30. This represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 181,909 shares of company stock worth $11,969,996. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

CYTK has been the topic of several recent research reports. HC Wainwright raised their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Needham & Company LLC raised their price target on Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Citigroup assumed coverage on Cytokinetics in a report on Monday, May 18th. They set a “buy” rating and a $99.00 target price on the stock. Bank of America reiterated a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Finally, Wall Street Zen upgraded Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $99.30.

Cytokinetics Trading Down 0.3%

CYTK stock opened at $70.71 on Thursday. The business’s 50-day moving average price is $69.55 and its two-hundred day moving average price is $65.87. The firm has a market cap of $8.80 billion, a PE ratio of -10.34 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $31.52 and a 1-year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The business 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.36) earnings per share. On average, analysts forecast that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

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.