Rafferty Asset Management LLC Has $5.72 Million Stock Position in Cytokinetics, Incorporated $CYTK

Rafferty Asset Management LLC reduced its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 39.3% in the 3rd quarter, Holdings Channel reports. The firm owned 104,108 shares of the biopharmaceutical company’s stock after selling 67,473 shares during the quarter. Rafferty Asset Management LLC’s holdings in Cytokinetics were worth $5,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,200 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $61.24, for a total transaction of $134,728.00. Following the completion of the sale, the executive vice president owned 138,552 shares in the company, valued at approximately $8,484,924.48. The trade was a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wendell Wierenga sold 20,000 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the transaction, the director owned 32,444 shares in the company, valued at $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 110,221 shares of company stock valued at $7,101,425. Company insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Citizens Jmp boosted their target price on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th. The Goldman Sachs Group set a $95.00 price target on shares of Cytokinetics and gave the company a “buy” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. boosted their price target on shares of Cytokinetics from $70.00 to $74.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Finally, Leerink Partners raised their price objective on shares of Cytokinetics from $83.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, February 26th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $61.43 on Tuesday. The firm has a 50 day simple moving average of $64.12 and a 200 day simple moving average of $59.07. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $70.98. The firm has a market cap of $7.51 billion, a P/E ratio of -9.41 and a beta of 0.54.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the previous year, the business earned ($1.26) earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, sell-side analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Cytokinetics Company 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.