Great Lakes Advisors LLC Takes $1.58 Million Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Great Lakes Advisors LLC bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 33,589 shares of the biopharmaceutical company's stock, valued at approximately $1,580,000.

Other institutional investors have also modified their holdings of the company. Harvey Capital Management Inc. acquired a new position in shares of Cytokinetics in the fourth quarter worth about $1,040,000. Westfield Capital Management Co. LP raised its stake in Cytokinetics by 38.9% during the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company's stock valued at $64,040,000 after buying an additional 339,373 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Cytokinetics by 42.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company's stock valued at $69,769,000 after buying an additional 395,709 shares in the last quarter. abrdn plc raised its stake in Cytokinetics by 29.4% during the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company's stock valued at $21,192,000 after buying an additional 102,457 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Cytokinetics by 24.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 344,448 shares of the biopharmaceutical company's stock valued at $18,187,000 after buying an additional 68,381 shares in the last quarter.

Insider Activity

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $45.92, for a total transaction of $91,840.00. Following the completion of the sale, the executive vice president now owns 116,071 shares in the company, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 12,648 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $561,318.24. Following the sale, the chief executive officer now owns 326,533 shares of the company's stock, valued at $14,491,534.54. This trade represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,834 shares of company stock worth $1,949,275. Insiders own 3.40% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts have issued reports on CYTK shares. Royal Bank of Canada upped their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, December 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a report on Thursday, February 6th. HC Wainwright reaffirmed a "buy" rating and set a $120.00 target price on shares of Cytokinetics in a report on Friday, February 28th. Morgan Stanley set a $67.00 target price on Cytokinetics in a report on Friday, March 7th. Finally, Citigroup began coverage on Cytokinetics in a report on Friday, February 7th. They set a "buy" rating and a $86.00 target price for the company. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $82.00.

Cytokinetics Price Performance

NASDAQ CYTK traded up $0.17 on Wednesday, reaching $43.45. 1,155,956 shares of the stock traded hands, compared to its average volume of 1,565,880. The firm's fifty day simple moving average is $46.15 and its 200 day simple moving average is $50.13. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a market cap of $5.14 billion, a price-to-earnings ratio of -8.08 and a beta of 0.95. Cytokinetics, Incorporated has a 12 month low of $40.53 and a 12 month high of $75.71.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

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.