Norges Bank Acquires New Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Norges Bank bought a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 989,721 shares of the biopharmaceutical company's stock, valued at approximately $46,556,000. Norges Bank owned 0.84% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CYTK. Jones Financial Companies Lllp increased its position in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 374 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Cytokinetics during the fourth quarter valued at about $29,000. AlphaQuest LLC raised its stake in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after buying an additional 1,135 shares in the last quarter. J.Safra Asset Management Corp raised its stake in Cytokinetics by 62.1% in the fourth quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company's stock worth $83,000 after buying an additional 671 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Cytokinetics by 85.8% in the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company's stock worth $86,000 after buying an additional 842 shares during the period.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 3,341 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.27, for a total transaction of $144,565.07. Following the completion of the sale, the executive vice president now directly owns 64,434 shares in the company, valued at $2,788,059.18. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total transaction of $91,840.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company's stock, valued at $5,329,980.32. The trade was a 1.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,170 shares of company stock worth $2,582,889. Insiders own 3.40% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have recently issued reports on CYTK. Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They issued a "buy" rating and a $86.00 target price for the company. Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. Evercore ISI raised Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. Royal Bank of Canada upped their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 18th. Finally, HC Wainwright reissued a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research report on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $82.00.

Cytokinetics Stock Performance

NASDAQ CYTK traded up $2.75 during trading hours on Wednesday, hitting $37.32. The company's stock had a trading volume of 3,240,080 shares, compared to its average volume of 1,569,201. Cytokinetics, Incorporated has a 12 month low of $32.99 and a 12 month high of $75.50. The company's 50 day simple moving average is $43.59 and its two-hundred day simple moving average is $48.38. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The company has a market cap of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94.

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

Cytokinetics Company 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.