Royce & Associates LP Makes New $5.50 Million Investment in Cytokinetics, Incorporated $CYTK

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

A number of other institutional investors have also modified their holdings of CYTK. UMB Bank n.a. raised its stake in Cytokinetics by 10.6% during the third quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock worth $97,000 after acquiring an additional 169 shares during the period. Fifth Third Bancorp grew its holdings in shares of Cytokinetics by 32.3% during the third quarter. Fifth Third Bancorp now owns 1,072 shares of the biopharmaceutical company’s stock valued at $59,000 after purchasing an additional 262 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Cytokinetics by 1.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock worth $1,008,000 after purchasing an additional 341 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Cytokinetics by 1.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 28,119 shares of the biopharmaceutical company’s stock worth $929,000 after purchasing an additional 449 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Cytokinetics by 68.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,115 shares of the biopharmaceutical company’s stock valued at $61,000 after purchasing an additional 453 shares during the period.

Cytokinetics Trading Up 2.6%

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

Cytokinetics (NASDAQ:CYTK) last posted 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 firm had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. During the same period in the previous year, the business earned ($1.26) EPS. Cytokinetics’s quarterly revenue was up 4.9% on a year-over-year basis. Research analysts expect that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Cytokinetics

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a report on Monday, December 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a research note on Wednesday, January 21st. Morgan Stanley set a $90.00 target price on shares of Cytokinetics in a research report on Thursday, January 8th. Finally, Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. Seventeen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

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.