Cytokinetics, Incorporated (NASDAQ:CYTK) Stock Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 4.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,848,584 shares of the biopharmaceutical company's stock after acquiring an additional 109,938 shares during the period. Geode Capital Management LLC owned approximately 2.41% of Cytokinetics worth $150,433,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Louisiana State Employees Retirement System boosted its position in Cytokinetics by 14.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,400 shares of the biopharmaceutical company's stock valued at $1,755,000 after buying an additional 4,200 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in Cytokinetics by 14.9% in the second quarter. Retirement Systems of Alabama now owns 141,516 shares of the biopharmaceutical company's stock valued at $7,667,000 after purchasing an additional 18,384 shares during the last quarter. State of Michigan Retirement System grew its stake in Cytokinetics by 14.5% during the 2nd quarter. State of Michigan Retirement System now owns 27,600 shares of the biopharmaceutical company's stock valued at $1,495,000 after purchasing an additional 3,500 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Cytokinetics by 2,470.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 87,812 shares of the biopharmaceutical company's stock worth $4,758,000 after purchasing an additional 84,396 shares during the last quarter. Finally, Legato Capital Management LLC acquired a new position in shares of Cytokinetics in the 2nd quarter valued at approximately $237,000.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CYTK. Cantor Fitzgerald restated an "overweight" rating on shares of Cytokinetics in a research note on Friday, October 18th. Mizuho boosted their target price on shares of Cytokinetics from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Thursday, November 21st. HC Wainwright reaffirmed a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research report on Monday, December 2nd. Royal Bank of Canada started coverage on Cytokinetics in a report on Friday, November 8th. They issued an "outperform" rating and a $80.00 price objective for the company. Finally, JMP Securities restated a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $83.93.

Cytokinetics Stock Performance

Shares of CYTK traded down $1.24 during midday trading on Tuesday, hitting $47.78. 1,372,373 shares of the stock traded hands, compared to its average volume of 1,985,653. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics, Incorporated has a 1-year low of $32.70 and a 1-year high of $110.25. The business's 50 day moving average price is $52.38 and its two-hundred day moving average price is $54.08. The firm has a market capitalization of $5.64 billion, a PE ratio of -8.88 and a beta of 0.80.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts' expectations of $1.21 million. During the same quarter in the prior year, the firm earned ($1.35) earnings per share. Cytokinetics's quarterly revenue was up 22.5% compared to the same quarter last year. Equities research analysts predict that Cytokinetics, Incorporated will post -5.25 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,300 shares of the firm's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total transaction of $380,330.00. Following the completion of the transaction, the executive vice president now owns 118,920 shares in the company, valued at approximately $6,195,732. This trade represents a 5.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $55.61, for a total transaction of $278,050.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at $22,102,528.16. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 74,816 shares of company stock valued at $3,923,463. Company insiders own 3.40% of the company's stock.

Cytokinetics 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.