State of Michigan Retirement System Acquires 3,500 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

State of Michigan Retirement System lifted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 14.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,600 shares of the biopharmaceutical company’s stock after buying an additional 3,500 shares during the period. State of Michigan Retirement System’s holdings in Cytokinetics were worth $1,495,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. New York State Common Retirement Fund grew its holdings in Cytokinetics by 13.2% during the 4th quarter. New York State Common Retirement Fund now owns 51,501 shares of the biopharmaceutical company’s stock valued at $4,300,000 after purchasing an additional 6,015 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Cytokinetics by 1,040.4% during the 4th quarter. Victory Capital Management Inc. now owns 191,654 shares of the biopharmaceutical company’s stock valued at $16,001,000 after purchasing an additional 174,848 shares during the last quarter. First Trust Direct Indexing L.P. bought a new position in Cytokinetics in the 4th quarter worth about $333,000. Fisher Asset Management LLC bought a new position in Cytokinetics in the 4th quarter worth about $44,747,000. Finally, Natixis Advisors L.P. grew its stake in Cytokinetics by 43.6% in the 4th quarter. Natixis Advisors L.P. now owns 62,962 shares of the biopharmaceutical company’s stock worth $5,256,000 after acquiring an additional 19,124 shares in the last quarter.

Cytokinetics Stock Up 3.3 %

CYTK opened at $57.39 on Friday. The company has a market cap of $6.02 billion, a price-to-earnings ratio of -10.63 and a beta of 0.75. Cytokinetics, Incorporated has a 52-week low of $25.98 and a 52-week high of $110.25. The firm’s fifty day simple moving average is $55.96 and its two-hundred day simple moving average is $61.61.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. The firm’s quarterly revenue was down 71.3% on a year-over-year basis. During the same quarter last year, the firm posted ($1.34) earnings per share. On average, research analysts forecast that Cytokinetics, Incorporated will post -4.5 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 7,788 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $53.04, for a total value of $413,075.52. Following the transaction, the executive vice president now directly owns 135,004 shares of the company’s stock, valued at $7,160,612.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Fady Ibraham Malik sold 7,788 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $53.04, for a total value of $413,075.52. Following the transaction, the executive vice president now directly owns 135,004 shares of the company’s stock, valued at $7,160,612.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.64, for a total transaction of $76,851.20. Following the completion of the transaction, the director now directly owns 15,541 shares in the company, valued at $755,914.24. The disclosure for this sale can be found here. Insiders have sold a total of 169,832 shares of company stock valued at $9,087,691 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CYTK. Oppenheimer dropped their target price on shares of Cytokinetics from $107.00 to $106.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. JPMorgan Chase & Co. lowered their price target on shares of Cytokinetics from $77.00 to $65.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Raymond James lowered their price target on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. B. Riley lowered their price target on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, JMP Securities lowered their price target on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.27.

Cytokinetics Company 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.