VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Cytokinetics, Incorporated $CYTK

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Cytokinetics, Incorporated (NASDAQ:CYTK) during the second quarter, HoldingsChannel.com reports. The fund bought 7,400 shares of the biopharmaceutical company’s stock, valued at approximately $630,000.

Other hedge funds have also recently made changes to their positions in the company. California State Teachers Retirement System grew its position in Cytokinetics by 7,880.8% in the second quarter. California State Teachers Retirement System now owns 10,901,679 shares of the biopharmaceutical company’s stock worth $928,714,000 after acquiring an additional 10,765,080 shares in the last quarter. AlphaGrep UK Ltd purchased a new stake in Cytokinetics during the second quarter valued at approximately $285,000. Seven Fleet Capital Management LP lifted its stake in shares of Cytokinetics by 93.0% in the 2nd quarter. Seven Fleet Capital Management LP now owns 118,240 shares of the biopharmaceutical company’s stock valued at $10,073,000 after purchasing an additional 56,971 shares during the last quarter. Syon Capital LLC bought a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $228,000. Finally, Nykredit A S bought a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $444,000.

Cytokinetics Stock Performance

CYTK opened at $72.45 on Tuesday. The stock’s 50 day moving average price is $77.79 and its 200-day moving average price is $72.75. Cytokinetics, Incorporated has a one year low of $47.22 and a one year high of $88.31. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of -10.03 and a beta of 0.36.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.63) by $0.13. The business had revenue of $28.62 million for the quarter, compared to the consensus estimate of $17.59 million. During the same period in the prior year, the business posted ($1.12) earnings per share. Cytokinetics’s revenue was down 57.1% on a year-over-year basis. As a group, analysts predict that Cytokinetics, Incorporated will post -5.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the topic of several analyst reports. JPMorgan Chase & Co. boosted their target price on Cytokinetics from $97.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Morgan Stanley upgraded Cytokinetics from an “overweight” rating to a “buy” rating in a research report on Tuesday, September 1st. Truist Financial lifted their price objective on shares of Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Barclays boosted their price objective on shares of Cytokinetics from $95.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Friday, August 7th. Eighteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.37.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Monday, August 31st. The stock was sold at an average price of $70.24, for a total transaction of $526,800.00. Following the completion of the sale, the chief executive officer directly owned 377,820 shares in the company, valued at approximately $26,538,076.80. This trade represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Malik sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $75.46, for a total transaction of $264,110.00. Following the sale, the executive vice president directly owned 153,902 shares of the company’s stock, valued at $11,613,444.92. This represents a 2.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 104,246 shares of company stock valued at $8,257,867. Insiders own 2.60% of the company’s stock.

About Cytokinetics

Cytokinetics, Incorporated is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. The company applies expertise in muscle physiology and contractility to develop potential treatments for cardiovascular and neuromuscular diseases.

Its leading programs include aficamten, an investigational cardiac myosin inhibitor being developed for conditions involving abnormal heart-muscle contraction, including hypertrophic cardiomyopathy.