Fisher Asset Management LLC Makes New Investment in Cytokinetics, Incorporated (NASDAQ:CYTK)

Fisher Asset Management LLC purchased a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 536,046 shares of the biopharmaceutical company’s stock, valued at approximately $44,754,000. Fisher Asset Management LLC owned about 0.52% of Cytokinetics at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CYTK. First Turn Management LLC acquired a new stake in Cytokinetics during the fourth quarter worth about $67,414,000. Norges Bank acquired a new stake in Cytokinetics during the fourth quarter worth about $60,299,000. Assenagon Asset Management S.A. purchased a new stake in shares of Cytokinetics in the fourth quarter worth about $46,308,000. Vanguard Group Inc. boosted its position in shares of Cytokinetics by 4.6% in the third quarter. Vanguard Group Inc. now owns 10,743,324 shares of the biopharmaceutical company’s stock worth $316,498,000 after buying an additional 472,595 shares during the period. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of Cytokinetics in the fourth quarter worth about $16,471,000.

Insider Transactions at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,082,530. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the sale, the director now directly owns 20,600 shares in the company, valued at approximately $1,082,530. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $74.31, for a total value of $2,422,877.55. Following the completion of the sale, the executive vice president now owns 138,567 shares in the company, valued at $10,296,913.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 133,093 shares of company stock worth $7,892,234. 3.40% of the stock is currently owned by company insiders.

Cytokinetics Stock Down 2.1 %

NASDAQ:CYTK opened at $52.78 on Tuesday. The business’s 50 day moving average is $60.35 and its two-hundred day moving average is $65.94. Cytokinetics, Incorporated has a 52 week low of $25.98 and a 52 week high of $110.25. The company has a market cap of $5.53 billion, a PE ratio of -9.77 and a beta of 0.75.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. The firm’s revenue was down 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.38) earnings per share. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -4.55 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Oppenheimer decreased their target price on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Truist Financial decreased their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. Mizuho decreased their target price on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. Raymond James decreased their target price on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Finally, Needham & Company LLC decreased their target price on Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.41.

About Cytokinetics

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.