Fisher Asset Management LLC Purchases 61,298 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Fisher Asset Management increased its stake in Cytokinetics by 8% in the fourth quarter, buying 61,298 additional shares and bringing its total holding to 822,885 shares worth about $52.3 million.
• Wall Street sentiment is mostly positive, with multiple analysts raising price targets; the stock now has a consensus rating of “Moderate Buy” and an average target price of $99.30.
• Cytokinetics reported strong revenue growth in its latest earnings, posting $19.36 million in quarterly revenue versus $8.52 million expected, while EPS matched estimates at -$1.67 per share.

Fisher Asset Management LLC boosted its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 822,885 shares of the biopharmaceutical company's stock after acquiring an additional 61,298 shares during the quarter. Fisher Asset Management LLC owned 0.67% of Cytokinetics worth $52,286,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in Cytokinetics by 10.6% in the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company's stock valued at $97,000 after acquiring an additional 169 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Cytokinetics by 8.1% in the third quarter. CIBC Private Wealth Group LLC now owns 3,484 shares of the biopharmaceutical company's stock valued at $191,000 after acquiring an additional 261 shares during the last quarter. Fifth Third Bancorp increased its stake in Cytokinetics by 32.3% in the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company's stock valued at $59,000 after acquiring an additional 262 shares during the last quarter. Danske Bank A S increased its stake in Cytokinetics by 23.1% in the fourth quarter. Danske Bank A S now owns 1,600 shares of the biopharmaceutical company's stock valued at $102,000 after acquiring an additional 300 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Cytokinetics by 1.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,415 shares of the biopharmaceutical company's stock valued at $1,551,000 after acquiring an additional 300 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CYTK shares. Barclays lifted their price objective on shares of Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research note on Monday, April 6th. HC Wainwright boosted 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a research note on Monday, April 20th. Wall Street Zen raised shares of Cytokinetics from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Royal Bank Of Canada boosted 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 equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.30.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $76.29 on Wednesday. The firm's fifty day moving average price is $68.04 and its two-hundred day moving average price is $65.41. The stock has a market cap of $9.49 billion, a PE ratio of -11.15 and a beta of 0.38. Cytokinetics, Incorporated has a fifty-two week low of $29.81 and a fifty-two week high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business's quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.36) EPS. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 26,000 shares of Cytokinetics stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the transaction, the executive vice president owned 50,440 shares in the company, valued at approximately $3,120,722.80. The trade was a 34.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares in the company, valued at approximately $9,565,009.30. This trade represents a 7.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 177,476 shares of company stock worth $11,294,769. Company insiders own 2.60% of the company's stock.

About Cytokinetics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.