Royce & Associates LP Invests $5.50 Million in Cytokinetics, Incorporated $CYTK

Royce & Associates LP bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 100,083 shares of the biopharmaceutical company’s stock, valued at approximately $5,501,000. Royce & Associates LP owned approximately 0.08% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock worth $98,948,000 after buying an additional 56,961 shares during the period. Vestal Point Capital LP raised its stake in shares of Cytokinetics by 14.8% in the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after acquiring an additional 384,469 shares during the period. Norges Bank purchased a new position in shares of Cytokinetics in the 2nd quarter valued at $39,122,000. Aberdeen Group plc boosted its position in Cytokinetics by 0.5% during the 3rd quarter. Aberdeen Group plc now owns 927,832 shares of the biopharmaceutical company’s stock worth $50,994,000 after purchasing an additional 4,903 shares during the period. Finally, TD Asset Management Inc boosted its position in Cytokinetics by 23.4% during the 3rd quarter. TD Asset Management Inc now owns 671,780 shares of the biopharmaceutical company’s stock worth $36,921,000 after purchasing an additional 127,488 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CYTK. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. JPMorgan Chase & Co. raised their target price on Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Wall Street Zen lowered Cytokinetics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, January 21st. Finally, B. Riley Financial increased their price objective on shares of Cytokinetics from $90.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Cytokinetics Stock Up 2.6%

Shares of CYTK opened at $62.27 on Thursday. The business’s 50 day moving average is $64.04 and its two-hundred day moving average is $59.24. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of -9.54 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.26) earnings per share. On average, equities analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Activity

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the transaction, the director owned 32,444 shares of the company’s stock, valued at $2,145,846.16. This trade represents a 38.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,200 shares of Cytokinetics stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $61.24, for a total value of $134,728.00. Following the completion of the transaction, the executive vice president owned 138,552 shares of the company’s stock, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 110,221 shares of company stock worth $7,101,425. 2.70% of the stock is currently owned by corporate insiders.

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.