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

Key Points

• California State Teachers Retirement System increased its Cytokinetics stake by 27.3% in the first quarter, adding 29,275 shares to own 136,599 shares valued at approximately $9 million.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $99.90. Recent targets range from $102 to $140.
• Cytokinetics reported quarterly revenue of $19.36 million, up 1,112.5% year over year, while matching estimates with an adjusted loss of $1.67 per share. Shares opened at $78.61, near their 50-day average, and insiders have sold $9.13 million worth of stock over the past 90 days.

California State Teachers Retirement System grew its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 136,599 shares of the biopharmaceutical company's stock after acquiring an additional 29,275 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Cytokinetics worth $9,003,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after buying an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of Cytokinetics in the fourth quarter worth $27,000. Kestra Advisory Services LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP purchased a new stake in Cytokinetics in the 3rd quarter worth approximately $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the fourth quarter valued at $32,000.

Wall Street Analysts Forecast Growth

CYTK has been the topic of several analyst reports. Wall Street Zen upgraded Cytokinetics from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $102.00 price objective on shares of Cytokinetics in a research note on Wednesday, June 17th. Mizuho upped their price target on Cytokinetics from $100.00 to $118.00 and gave the company an "outperform" rating in a research report on Wednesday, June 24th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a research note on Tuesday, May 5th. Finally, HC Wainwright raised their price target on Cytokinetics from $136.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $99.90.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the company's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $80.59, for a total value of $282,065.00. Following the sale, the executive vice president owned 153,902 shares in the company, valued at $12,402,962.18. This represents a 2.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $80.87, for a total transaction of $606,525.00. Following the transaction, the chief executive officer owned 377,820 shares in the company, valued at approximately $30,554,303.40. This trade represents a 1.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 115,179 shares of company stock valued at $9,126,054. 2.60% of the stock is currently owned by insiders.

Cytokinetics Trading Up 2.8%

Shares of NASDAQ CYTK opened at $78.61 on Wednesday. The business's 50 day moving average is $78.78 and its 200-day moving average is $70.62. The firm has a market cap of $9.78 billion, a P/E ratio of -11.49 and a beta of 0.38. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The business's revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period last year, the company posted ($1.36) earnings per share. Analysts forecast that Cytokinetics, Incorporated will post -6.2 EPS for the current year.

Cytokinetics 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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