E. Ohman J or Asset Management AB Decreases Stock Holdings in Cytokinetics, Incorporated $CYTK

E. Ohman J or Asset Management AB cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 10.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 362,962 shares of the biopharmaceutical company’s stock after selling 44,075 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Cytokinetics were worth $23,063,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in Cytokinetics by 39.7% during the fourth quarter. GAMMA Investing LLC now owns 2,056 shares of the biopharmaceutical company’s stock valued at $131,000 after purchasing an additional 584 shares during the last quarter. Hudson Bay Capital Management LP increased its holdings in shares of Cytokinetics by 15.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock worth $10,010,000 after buying an additional 24,345 shares during the last quarter. Swiss Life Asset Management Ltd bought a new stake in shares of Cytokinetics in the 3rd quarter worth about $283,000. CIBC Private Wealth Group LLC grew its position 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 worth $191,000 after acquiring an additional 261 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in Cytokinetics in the third quarter worth about $684,000.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CYTK. Needham & Company LLC upped their price objective on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. HC Wainwright lifted their price objective on shares of Cytokinetics from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Citigroup reiterated a “market outperform” rating on shares of Cytokinetics in a research report on Monday, December 22nd. Mizuho lifted their price target on shares of Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Finally, Royal Bank Of Canada upped their price target on shares of Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, February 20th. Seventeen equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.89.

Cytokinetics Price Performance

CYTK stock opened at $60.95 on Tuesday. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $70.98. The firm’s 50-day moving average is $63.70 and its 200 day moving average is $61.37. The company has a market capitalization of $7.51 billion, a PE ratio of -9.33 and a beta of 0.56.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to the consensus estimate of $8.02 million. Cytokinetics’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the business posted ($1.26) earnings per share. Sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Sung Lee sold 4,935 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $306,710.25. Following the transaction, the executive vice president directly owned 87,127 shares in the company, valued at $5,414,943.05. This trade represents a 5.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the sale, the chief executive officer owned 430,330 shares of the company’s stock, valued at $26,745,009.50. This represents a 7.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 139,663 shares of company stock worth $8,621,492 over the last three months. Company insiders own 3.40% of the company’s stock.

Cytokinetics Profile

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.