Voya Investment Management LLC Buys 13,882 Shares of Cytokinetics, Incorporated $CYTK

Voya Investment Management LLC lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 34.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 54,644 shares of the biopharmaceutical company’s stock after acquiring an additional 13,882 shares during the period. Voya Investment Management LLC’s holdings in Cytokinetics were worth $3,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in Cytokinetics in the second quarter valued at $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. boosted its position in shares of Cytokinetics by 571.2% during the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock worth $35,768,000 after purchasing an additional 921,278 shares in the last quarter. Paradigm Biocapital Advisors LP acquired a new stake in shares of Cytokinetics in the 1st quarter valued at about $34,510,000. Frazier Life Sciences Management L.P. bought a new stake in Cytokinetics in the 2nd quarter valued at about $18,328,000. Finally, Rosalind Advisors Inc. bought a new stake in Cytokinetics in the 2nd quarter valued at about $13,216,000.

Insiders Place Their Bets

In other news, Director Edward M. Md Kaye sold 28,064 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $66.72, for a total value of $1,872,430.08. Following the completion of the transaction, the director directly owned 9,977 shares of the company’s stock, valued at $665,665.44. This represents a 73.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Henderson sold 8,750 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total value of $559,125.00. Following the sale, the director directly owned 74,578 shares of the company’s stock, valued at $4,765,534.20. The trade was a 10.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 168,494 shares of company stock worth $10,811,018 in the last ninety days. 2.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytokinetics in a report on Wednesday, October 8th. Barclays upped their target price on Cytokinetics from $82.00 to $87.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. B. Riley reissued a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of Cytokinetics in a research report on Monday, November 10th. Morgan Stanley boosted their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $83.61.

Cytokinetics Trading Down 1.7%

Shares of NASDAQ:CYTK opened at $63.11 on Friday. The stock has a market cap of $7.72 billion, a PE ratio of -10.03 and a beta of 0.58. The stock’s fifty day simple moving average is $63.09 and its two-hundred day simple moving average is $49.62. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $6.05 million. During the same quarter in the previous year, the company earned ($1.36) EPS. The business’s revenue was up 318.1% compared to the same quarter last year. On average, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

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.