Royce & Associates LP Grows Stock Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Royce & Associates LP increased its Cytokinetics stake by 44.3% in the fourth quarter, ending with 144,426 shares valued at about $9.18 million.
• Several other institutional investors also boosted their positions, while insiders were net sellers over the last 90 days, including EVP Fady Ibraham Malik and Andrew Callos.
• Analysts remain broadly positive on CYTK, with a Moderate Buy consensus and an average price target of $99.30, while the stock recently traded at $76.81 after strong quarterly revenue growth.

Royce & Associates LP boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 44.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,426 shares of the biopharmaceutical company's stock after purchasing an additional 44,343 shares during the quarter. Royce & Associates LP owned about 0.12% of Cytokinetics worth $9,177,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CYTK. Millennium Management LLC raised its stake in Cytokinetics by 361.9% during the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after purchasing an additional 225,576 shares in the last quarter. Cetera Investment Advisers raised its stake in Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock valued at $219,000 after purchasing an additional 731 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after purchasing an additional 673 shares in the last quarter. Gabelli Funds LLC boosted its stake in Cytokinetics by 29.4% during the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock worth $278,000 after buying an additional 1,910 shares during the period. Finally, California Public Employees Retirement System increased its position in Cytokinetics by 10.8% during the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after acquiring an additional 13,911 shares during the last quarter.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 12,033 shares of the business's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the completion of the transaction, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,565,009.30. The trade was a 7.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Andrew Callos sold 26,000 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $61.87, for a total transaction of $1,608,620.00. Following the completion of the transaction, the executive vice president owned 50,440 shares of the company's stock, valued at $3,120,722.80. This represents a 34.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 184,976 shares of company stock worth $11,873,844. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CYTK shares. UBS Group set a $119.00 target price on shares of Cytokinetics in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Cytokinetics from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Citigroup started coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a "buy" rating and a $99.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. Finally, Mizuho increased their target price on shares of Cytokinetics from $84.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, March 18th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $99.30.

Cytokinetics Stock Performance

Shares of Cytokinetics stock opened at $76.81 on Friday. The company has a market capitalization of $9.56 billion, a PE ratio of -11.23 and a beta of 0.38. The company has a 50-day simple moving average of $68.66 and a two-hundred day simple moving average of $65.65. Cytokinetics, Incorporated has a one year low of $30.02 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted ($1.36) earnings per share. On average, equities analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

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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