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

E. Ohman J or Asset Management AB trimmed its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & 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’s holdings in Cytokinetics were worth $19,823,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CYTK. Vanguard Group Inc. lifted its holdings in Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock valued at $765,538,000 after purchasing an additional 191,336 shares during the last quarter. Hudson Bay Capital Management LP increased its holdings in shares of Cytokinetics by 15.4% in the third quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company’s stock valued at $10,010,000 after purchasing an additional 24,345 shares during the last quarter. TD Asset Management Inc raised its position in shares of Cytokinetics by 23.4% in the third quarter. TD Asset Management Inc now owns 671,780 shares of the biopharmaceutical company’s stock valued at $36,921,000 after purchasing an additional 127,488 shares during the period. Knott David M Jr bought a new position in shares of Cytokinetics in the third quarter valued at about $1,649,000. Finally, Boxer Capital Management LLC acquired a new stake in shares of Cytokinetics during the 3rd quarter worth about $10,992,000.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Morgan Stanley lifted 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. Wells Fargo & Company raised their price objective on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Citizens Jmp upped their target price on Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 25th. Finally, Stifel Nicolaus increased their target price on Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.30.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $78.78 on Friday. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20. The firm’s 50-day simple moving average is $71.45 and its 200 day simple moving average is $66.36. The firm has a market cap of $9.80 billion, a price-to-earnings ratio of -11.52 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same quarter in the previous year, the company earned ($1.36) EPS. The business’s revenue for the quarter was up 1112.5% on a year-over-year basis. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.29 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 3,500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $67.98, for a total transaction of $237,930.00. Following the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at $10,462,257.96. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $1,111,200.00. Following the transaction, the executive vice president owned 58,555 shares in the company, valued at approximately $4,337,754.40. This trade represents a 20.39% 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 valued at $7,837,220 in the last quarter. Company insiders own 2.60% of the company’s stock.

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.