Rhenman & Partners Asset Management AB Sells 31,250 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Rhenman & Partners Asset Management AB lowered its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 17.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,250 shares of the biopharmaceutical company’s stock after selling 31,250 shares during the quarter. Rhenman & Partners Asset Management AB owned about 0.13% of Cytokinetics worth $7,021,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Groupama Asset Managment bought a new stake in shares of Cytokinetics in the 4th quarter valued at about $16,464,000. Headlands Technologies LLC acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $97,000. Franklin Resources Inc. grew its holdings in Cytokinetics by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 545,813 shares of the biopharmaceutical company’s stock worth $25,675,000 after purchasing an additional 9,366 shares during the last quarter. DnB Asset Management AS increased its position in shares of Cytokinetics by 24.7% during the fourth quarter. DnB Asset Management AS now owns 9,213 shares of the biopharmaceutical company’s stock worth $433,000 after purchasing an additional 1,826 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Cytokinetics during the 4th quarter valued at $46,556,000.

Insider Buying and Selling

In other news, EVP Andrew Callos sold 3,341 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total transaction of $144,565.07. Following the completion of the sale, the executive vice president now owns 64,434 shares of the company’s stock, valued at $2,788,059.18. This represents a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total transaction of $98,640.00. Following the completion of the sale, the executive vice president now owns 116,071 shares of the company’s stock, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,284 shares of company stock worth $2,578,268. 3.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Friday. Citigroup started coverage on shares of Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price on the stock. Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a report on Friday, March 7th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $37.36 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The stock has a market capitalization of $4.42 billion, a PE ratio of -6.94 and a beta of 0.94. Cytokinetics, Incorporated has a fifty-two week low of $36.89 and a fifty-two week high of $75.71. The company has a fifty day moving average of $44.93 and a two-hundred day moving average of $49.03.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, topping the consensus estimate of ($1.29) by $0.03. The company had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Cytokinetics Profile

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.