E. Ohman J or Asset Management AB Sells 62,200 Shares of Cytokinetics, Incorporated $CYTK

E. Ohman J or Asset Management AB lowered its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 17.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 300,762 shares of the biopharmaceutical company’s stock after selling 62,200 shares during the period. E. Ohman J or Asset Management AB owned approximately 0.24% of Cytokinetics worth $19,823,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Cytokinetics by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after purchasing an additional 191,336 shares during the period. State Street Corp grew its holdings in shares of Cytokinetics by 3.7% in the 4th quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock valued at $370,139,000 after buying an additional 207,961 shares during the period. Deep Track Capital LP increased its position in shares of Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after buying an additional 650,000 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after buying an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after buying an additional 384,469 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Mizuho lifted their target price on Cytokinetics from $84.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Truist Financial set a $106.00 price target on Cytokinetics in a research report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $119.00 price objective on shares of Cytokinetics in a research report on Wednesday. Finally, Stifel Nicolaus lifted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus price target of $99.30.

Insider Transactions at Cytokinetics

In other news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the transaction, the director owned 15,784 shares in the company, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total value of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares in the company, valued at $3,806,075. This trade represents a 21.31% decrease in their position. 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. Insiders sold a total of 113,739 shares of company stock worth $7,837,220 in the last three months. Insiders own 2.60% of the company’s stock.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $78.78 on Friday. The firm has a market cap of $9.80 billion, a price-to-earnings ratio of -11.52 and a beta of 0.42. The stock’s 50-day moving average is $71.45 and its 200-day moving average is $66.36. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. Cytokinetics’s revenue was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.36) earnings per share. On average, equities analysts expect that Cytokinetics, Incorporated will post -6.29 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.