Rhenman & Partners Asset Management AB Sells 210,875 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Rhenman & Partners Asset Management sharply reduced its Cytokinetics stake by 82.6% in the fourth quarter, selling 210,875 shares and leaving it with 44,375 shares worth about $2.82 million.
• Cytokinetics reported quarterly EPS of -$1.67, matching analyst expectations, while revenue came in at $19.36 million, far above estimates and up 1112.5% from a year earlier.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $99.30, even as several insiders recently sold shares under pre-arranged trading plans.

Rhenman & Partners Asset Management AB trimmed its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 82.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,375 shares of the biopharmaceutical company's stock after selling 210,875 shares during the quarter. Rhenman & Partners Asset Management AB's holdings in Cytokinetics were worth $2,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CYTK. Millennium Management LLC increased its stake in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock worth $11,571,000 after acquiring an additional 225,576 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Cytokinetics by 12.4% in the 2nd quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after acquiring an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after acquiring an additional 673 shares in the last quarter. Gabelli Funds LLC increased its stake in shares of Cytokinetics by 29.4% in the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock worth $278,000 after acquiring an additional 1,910 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Cytokinetics by 10.8% in the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock worth $4,712,000 after acquiring an additional 13,911 shares in the last quarter.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $70.15 on Friday. The firm has a market cap of $8.73 billion, a P/E ratio of -10.26 and a beta of 0.42. Cytokinetics, Incorporated has a fifty-two week low of $31.99 and a fifty-two week high of $80.20. The firm has a 50-day simple moving average of $70.40 and a two-hundred day simple moving average of $66.06.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The firm's revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.36) earnings per share. On average, equities research analysts predict that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CYTK shares. Needham & Company LLC increased their price target on shares of Cytokinetics from $85.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, May 5th. UBS Group set a $119.00 price target on shares of Cytokinetics in a research note on Wednesday, May 6th. Citigroup started coverage on shares of Cytokinetics in a research note on Monday, May 18th. They set a "buy" rating and a $99.00 price objective for the company. Barclays raised 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. Finally, Wells Fargo & Company raised their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus price target of $99.30.

Insider Buying and Selling at Cytokinetics

In other news, Director Edward M. Md Kaye sold 2,933 shares of the firm's stock in a transaction dated 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 owned 10,283 shares of the company's stock, valued at $782,433.47. This trade represents a 22.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the firm's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $74.08, for a total transaction of $370,400.00. Following the sale, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 171,989 shares of company stock worth $11,393,064 in the last 90 days. 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.

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