Cytokinetics, Incorporated (NASDAQ:CYTK) Stake Increased by Impax Asset Management Group plc

Impax Asset Management Group plc increased its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 40.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 175,000 shares of the biopharmaceutical company’s stock after buying an additional 50,000 shares during the period. Impax Asset Management Group plc’s holdings in Cytokinetics were worth $8,232,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp increased its stake in shares of Cytokinetics by 21.3% in the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after buying an additional 12,565 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Cytokinetics by 38.9% in the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock worth $64,040,000 after buying an additional 339,373 shares during the last quarter. Harvey Capital Management Inc. bought a new stake in shares of Cytokinetics in the fourth quarter worth $1,040,000. Charles Schwab Investment Management Inc. increased its stake in shares of Cytokinetics by 42.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after buying an additional 395,709 shares during the last quarter. Finally, abrdn plc increased its stake in shares of Cytokinetics by 29.4% in the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after buying an additional 102,457 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Cytokinetics from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $70.00 to $67.00 in a research note on Thursday, February 13th. Royal Bank of Canada lifted their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Stifel Nicolaus initiated coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a report on Thursday, February 6th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $50.76, for a total transaction of $253,800.00. Following the completion of the transaction, the chief executive officer now owns 397,678 shares of the company’s stock, valued at approximately $20,186,135.28. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.64, for a total transaction of $369,672.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at $5,877,835.44. The trade was a 5.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,822 shares of company stock valued at $1,127,848. 3.40% of the stock is currently owned by company insiders.

Cytokinetics Stock Performance

Shares of CYTK opened at $48.14 on Tuesday. Cytokinetics, Incorporated has a 1 year low of $40.53 and a 1 year high of $81.36. The company has a market cap of $5.68 billion, a price-to-earnings ratio of -8.95 and a beta of 0.83. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The firm has a fifty day moving average of $47.27 and a 200-day moving average of $51.48.

Cytokinetics 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.