T. Rowe Price Investment Management Inc. Purchases 1,062,136 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

T. Rowe Price Investment Management Inc. boosted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 11.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,752,123 shares of the biopharmaceutical company's stock after buying an additional 1,062,136 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 9.11% of Cytokinetics worth $505,780,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CYTK. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock valued at $560,520,000 after acquiring an additional 154,216 shares during the last quarter. Marshall Wace LLP raised its position in Cytokinetics by 14.9% during the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company's stock worth $101,292,000 after purchasing an additional 279,612 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Cytokinetics by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock worth $62,807,000 after purchasing an additional 13,798 shares during the last quarter. Capital International Investors acquired a new position in Cytokinetics during the 4th quarter worth about $51,564,000. Finally, Norges Bank bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $46,556,000.

Cytokinetics Stock Down 0.3 %

Shares of NASDAQ:CYTK opened at $37.81 on Wednesday. The firm has a market cap of $4.51 billion, a P/E ratio of -7.03 and a beta of 0.94. Cytokinetics, Incorporated has a 52-week low of $32.74 and a 52-week high of $68.76. The business's 50 day simple moving average is $42.47 and its two-hundred day simple moving average is $47.46. 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 (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. As a group, research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Activity

In other news, Director Wendall Wierenga sold 20,000 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $38.46, for a total value of $769,200.00. Following the completion of the sale, the director now directly owns 24,848 shares of the company's stock, valued at $955,654.08. This represents a 44.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert I. Blum sold 16,970 shares of Cytokinetics stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the transaction, the chief executive officer now directly owns 364,181 shares in the company, valued at approximately $15,820,022.64. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,360 shares of company stock worth $3,643,645 over the last three months. 3.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CYTK has been the topic of several analyst reports. Citigroup started coverage on Cytokinetics in a report on Friday, February 7th. They issued a "buy" rating and a $86.00 target price on the stock. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a research note on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, April 8th. Stifel Nicolaus started coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They set a "buy" rating and a $80.00 price target on the stock. Finally, JMP Securities reissued a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Thursday, April 10th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cytokinetics presently has an average rating of "Moderate Buy" and an average target price of $81.63.

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.

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