Norges Bank Takes Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Norges Bank purchased a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 989,721 shares of the biopharmaceutical company’s stock, valued at approximately $46,556,000. Norges Bank owned 0.84% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jones Financial Companies Lllp boosted its position in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 374 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Cytokinetics during the fourth quarter valued at about $29,000. AlphaQuest LLC grew its stake in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 1,135 shares during the last quarter. J.Safra Asset Management Corp raised its holdings in Cytokinetics by 62.1% in the fourth quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 671 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Cytokinetics by 85.8% during the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock valued at $86,000 after buying an additional 842 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts recently commented on CYTK shares. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price target on the stock. Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. Stifel Nicolaus assumed coverage on Cytokinetics in a research note on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price on the stock. Finally, Royal Bank of Canada increased their price target on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Price Performance

Shares of CYTK opened at $37.36 on Friday. The company has a market capitalization of $4.42 billion, a P/E ratio of -6.94 and a beta of 0.94. The business’s 50-day moving average is $44.93 and its two-hundred day moving average is $49.03. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics, Incorporated has a fifty-two week low of $36.89 and a fifty-two week high of $75.71.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, beating the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. Research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $49.32, for a total value of $98,640.00. Following the completion of the transaction, the executive vice president now owns 116,071 shares in the company, valued at $5,724,621.72. The trade was a 1.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew Callos sold 2,775 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $44.38, for a total value of $123,154.50. Following the transaction, the executive vice president now owns 34,888 shares in the company, valued at $1,548,329.44. This represents a 7.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,284 shares of company stock valued at $2,578,268 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Cytokinetics Company Profile

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.