Louisiana State Employees Retirement System Purchases Shares of 35,500 Cytokinetics, Incorporated $CYTK

Louisiana State Employees Retirement System purchased a new stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 35,500 shares of the biopharmaceutical company’s stock, valued at approximately $2,340,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in Cytokinetics in the fourth quarter worth about $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics in the 4th quarter valued at about $29,000. Quarry LP acquired a new position in Cytokinetics during the 3rd quarter valued at about $30,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Cytokinetics in the 4th quarter worth approximately $32,000.

Cytokinetics Price Performance

Cytokinetics stock opened at $87.26 on Tuesday. The firm’s 50 day simple moving average is $73.40 and its 200-day simple moving average is $67.10. The company has a market cap of $10.86 billion, a P/E ratio of -12.76 and a beta of 0.42. Cytokinetics, Incorporated has a fifty-two week low of $32.66 and a fifty-two week high of $87.35.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter last year, the company posted ($1.36) EPS. The firm’s revenue was up 1112.5% compared to the same quarter last year. On average, analysts expect that Cytokinetics, Incorporated will post -6.26 EPS for the current fiscal year.

Insider Activity

In related news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the transaction, the chief executive officer directly owned 407,830 shares in the company, valued at approximately $24,314,824.60. This trade represents a 1.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 120,373 shares of company stock worth $8,381,895. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on CYTK. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Mizuho lifted their target price on Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Truist Financial set a $106.00 price target on shares of Cytokinetics in a report on Tuesday, May 5th. Stifel Nicolaus raised their price objective on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.00.

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.