Geode Capital Management LLC Has $194.21 Million Stake in Cytokinetics, Incorporated $CYTK

Geode Capital Management LLC raised its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 0.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,056,017 shares of the biopharmaceutical company’s stock after purchasing an additional 15,815 shares during the period. Geode Capital Management LLC’s holdings in Cytokinetics were worth $194,214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CYTK. Woodline Partners LP raised its stake in shares of Cytokinetics by 676.1% in the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock valued at $90,559,000 after purchasing an additional 1,435,422 shares during the period. Deep Track Capital LP raised its stake in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cytokinetics by 151,987.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 565,765 shares of the biopharmaceutical company’s stock valued at $35,949,000 after purchasing an additional 565,393 shares during the period. Foresite Capital Management IV LLC acquired a new stake in shares of Cytokinetics in the 3rd quarter valued at about $25,188,000. Finally, Rosalind Advisors Inc. acquired a new stake in shares of Cytokinetics in the 2nd quarter valued at about $13,216,000.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of recent research reports. Barclays lifted their target price on Cytokinetics from $87.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, April 6th. Mizuho lifted their target price on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. Truist Financial set a $106.00 target price on Cytokinetics in a research report on Tuesday, May 5th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, HC Wainwright lifted their target price on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.30.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $70.71 on Thursday. The stock’s 50-day simple moving average is $69.55 and its 200 day simple moving average is $65.87. The company has a market cap of $8.80 billion, a P/E ratio of -10.34 and a beta of 0.42. Cytokinetics, Incorporated has a 52-week low of $31.52 and a 52-week high of $80.20.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.36) EPS. As a group, equities analysts predict that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 12,033 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $9,565,009.30. The trade was a 7.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andrew Callos sold 15,857 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at approximately $3,806,075. This trade represents a 21.31% 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 have sold a total of 181,909 shares of company stock valued at $11,969,996 over the last 90 days. 2.60% of the stock is currently owned by 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.