807,070 Shares in Cytokinetics, Incorporated $CYTK Acquired by Norges Bank

Key Points

• Norges Bank opened a new position in Cytokinetics during the fourth quarter, buying 807,070 shares worth about $51.3 million, which gave it roughly 0.66% ownership of the company.
• Several insiders sold shares recently, including EVP Fady Ibraham Malik and Director Edward M. Kaye; over the last three months, insiders sold 168,489 shares worth about $11.2 million.
• Analyst sentiment remains mostly positive: Cytokinetics has a Moderate Buy consensus with an average price target of $99.30, while the stock recently traded at $71.48 and the company reported quarterly revenue of $19.36 million, well above expectations.

Norges Bank acquired a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 807,070 shares of the biopharmaceutical company's stock, valued at approximately $51,281,000. Norges Bank owned about 0.66% of Cytokinetics at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company's stock worth $35,000 after purchasing an additional 171 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Cytokinetics by 8.1% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company's stock worth $191,000 after purchasing an additional 261 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Cytokinetics by 32.3% during the 3rd quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company's stock worth $59,000 after purchasing an additional 262 shares during the last quarter. Danske Bank A S raised its position in shares of Cytokinetics by 23.1% during the 4th quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company's stock worth $102,000 after purchasing an additional 300 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Cytokinetics by 1.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company's stock worth $1,551,000 after purchasing an additional 300 shares during the last quarter.

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 3,500 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at $11,907,397.74. The trade was a 2.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $76.09, for a total transaction of $223,171.97. Following the sale, the director directly owned 10,283 shares of the company's stock, valued at $782,433.47. This represents a 22.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 168,489 shares of company stock worth $11,155,134. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CYTK. Morgan Stanley lifted their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. HC Wainwright lifted their target price on shares of Cytokinetics from $136.00 to $140.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Stifel Nicolaus lifted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Finally, Royal Bank Of Canada lifted their target price on shares of Cytokinetics from $101.00 to $119.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $99.30.

Cytokinetics Stock Performance

CYTK stock opened at $71.48 on Monday. The stock has a market capitalization of $8.89 billion, a P/E ratio of -10.45 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20. The company has a 50 day moving average price of $69.97 and a two-hundred day moving average price of $65.94.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts' expectations of $8.52 million. The firm's revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.36) earnings per share. Research analysts forecast that Cytokinetics, Incorporated will post -6.29 earnings per share for the current fiscal year.

Cytokinetics Company Profile

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.

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