California State Teachers Retirement System Acquires 10,765,080 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• California State Teachers Retirement System increased its Cytokinetics stake by 7,880.8%, acquiring 10.77 million additional shares. It held 10.90 million shares, or approximately 8.76% of the company, valued at $928.7 million.
• Cytokinetics reported a quarterly loss of $1.50 per share, ahead of the expected $1.63 loss, while revenue of $28.62 million exceeded estimates but declined 57.1% year over year.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and $103.37 price target versus the stock’s reported $73.77 price. Several firms recently raised targets to between $110 and $112.

California State Teachers Retirement System boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 7,880.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,901,679 shares of the biopharmaceutical company's stock after purchasing an additional 10,765,080 shares during the quarter. California State Teachers Retirement System owned about 8.76% of Cytokinetics worth $928,714,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CYTK. Woodline Partners LP raised its holdings in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after purchasing an additional 1,435,422 shares during the last quarter. Norges Bank acquired a new position in Cytokinetics during the fourth quarter valued at $51,281,000. Deep Track Capital LP boosted its holdings in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after purchasing an additional 650,000 shares during the last quarter. Siren L.L.C. purchased a new stake in Cytokinetics in the first quarter valued at $40,466,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Cytokinetics by 151,987.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company's stock worth $35,949,000 after purchasing an additional 565,393 shares during the period.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $73.77 on Monday. The business has a 50-day moving average price of $78.05 and a 200 day moving average price of $72.74. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of -10.22 and a beta of 0.36. Cytokinetics, Incorporated has a 12-month low of $47.22 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to analyst estimates of $17.59 million. The firm's revenue for the quarter was down 57.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.12) EPS. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Needham & Company LLC boosted their target price on shares of Cytokinetics from $102.00 to $112.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Citizens Jmp raised their price target on shares of Cytokinetics from $105.00 to $110.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Citigroup reaffirmed a "market outperform" rating on shares of Cytokinetics in a report on Friday, August 7th. Royal Bank Of Canada decreased their price objective on shares of Cytokinetics from $117.00 to $112.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Finally, Truist Financial increased their target price on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Eighteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $103.37.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert Blum sold 7,500 shares of the firm's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $70.24, for a total transaction of $526,800.00. Following the transaction, the chief executive officer directly owned 377,820 shares of the company's stock, valued at approximately $26,538,076.80. This trade represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert E. Landry sold 1,000 shares of the company'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 completion of the sale, the director directly owned 9,184 shares of the company's stock, valued at $685,677.44. The trade was a 9.82% 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 sold 104,246 shares of company stock valued at $8,257,867 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Cytokinetics 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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