Cytokinetics, Incorporated $CYTK Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System cut its Cytokinetics stake by 6.3%, selling 8,630 shares and retaining 127,969 shares valued at approximately $10.9 million. Other institutions, including Principal Financial Group and Fisher Asset Management, increased their holdings.
• Wall Street remains broadly bullish: 18 analysts rate CYTK a Buy, with an average rating of “Moderate Buy” and a consensus price target of $103.37. UBS and Morgan Stanley recently upgraded the stock, while Barclays raised its target to $110.
• Cytokinetics shares fell 4.2% to $69.41, despite the company beating quarterly earnings and revenue expectations. Insiders have sold 104,246 shares worth $8.26 million over the past 90 days, primarily through pre-arranged trading plans.

California State Teachers Retirement System lowered its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 6.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,969 shares of the biopharmaceutical company's stock after selling 8,630 shares during the period. California State Teachers Retirement System owned approximately 0.10% of Cytokinetics worth $10,901,679 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CYTK. Geode Capital Management LLC lifted its position in Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock worth $194,214,000 after purchasing an additional 15,815 shares during the period. Principal Financial Group Inc. increased its stake in Cytokinetics by 11.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company's stock valued at $72,072,000 after buying an additional 116,593 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in Cytokinetics by 5.0% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 934,642 shares of the biopharmaceutical company's stock valued at $59,387,000 after purchasing an additional 44,197 shares during the period. Fisher Asset Management LLC raised its holdings in Cytokinetics by 8.0% during the 4th quarter. Fisher Asset Management LLC now owns 822,885 shares of the biopharmaceutical company's stock valued at $52,286,000 after buying an additional 61,298 shares during the last quarter. Finally, Norges Bank bought a new position in Cytokinetics during the 4th quarter valued at approximately $51,281,000.

Wall Street Analyst Weigh In

CYTK has been the subject of several research analyst reports. UBS Group raised shares of Cytokinetics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a research note on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytokinetics in a research note on Friday, July 17th. Barclays boosted their price target on Cytokinetics from $95.00 to $110.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Finally, Morgan Stanley raised shares of Cytokinetics from an "overweight" rating to a "buy" rating in a research report on Tuesday, September 1st. Eighteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $103.37.

Cytokinetics Stock Down 4.2%

Shares of Cytokinetics stock traded down $3.04 during midday trading on Tuesday, hitting $69.41. The company's stock had a trading volume of 1,327,717 shares, compared to its average volume of 2,114,583. The firm has a market capitalization of $8.64 billion, a P/E ratio of -9.62 and a beta of 0.36. Cytokinetics, Incorporated has a 1-year low of $47.22 and a 1-year high of $88.31. The stock has a 50-day simple moving average of $77.79 and a 200-day simple moving average of $72.75.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.63) by $0.13. The company had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. Cytokinetics's revenue was down 57.1% on a year-over-year basis. During the same quarter last year, the business posted ($1.12) earnings per share. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current year.

Insider Activity at Cytokinetics

In other Cytokinetics news, Director Robert Landry sold 1,000 shares of the business's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $74.66, for a total transaction of $74,660.00. Following the sale, the director directly owned 9,184 shares in the company, valued at $685,677.44. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $75.46, for a total value of $264,110.00. Following the completion of the sale, the executive vice president owned 153,902 shares in the company, valued at approximately $11,613,444.92. This trade represents a 2.22% 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. Insiders have sold a total of 104,246 shares of company stock worth $8,257,867 over the last 90 days. Corporate insiders own 2.60% of the company's stock.

Cytokinetics Company Profile

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.

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