Russell Investments Group Ltd. acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK) during the first quarter, Holdings Channel reports. The fund acquired 166,329 shares of the biopharmaceutical company’s stock, valued at approximately $2,137,000. Russell Investments Group Ltd. owned 0.40% of Cytokinetics, at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Acadian Asset Management LLC bought a new position in Cytokinetics, during the first quarter valued at $4,302,000. FMR LLC boosted its position in Cytokinetics, by 2.7% in the fourth quarter. FMR LLC now owns 5,199,414 shares of the biopharmaceutical company’s stock valued at $63,173,000 after buying an additional 136,758 shares during the period. Norges Bank bought a new position in Cytokinetics, during the fourth quarter valued at $976,000. Shell Asset Management Co. bought a new position in Cytokinetics, during the first quarter valued at $551,000. Finally, A.R.T. Advisors LLC bought a new position in Cytokinetics, during the fourth quarter valued at $394,000. Hedge funds and other institutional investors own 58.47% of the company’s stock.
Cytokinetics, Incorporated (NASDAQ:CYTK) opened at 13.60 on Friday. The firm has a market cap of $613.13 million, a price-to-earnings ratio of 183.78 and a beta of 1.70. Cytokinetics, Incorporated has a one year low of $8.06 and a one year high of $17.20. The stock has a 50 day moving average of $14.39 and a 200 day moving average of $12.56.
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CYTK has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $25.00 target price on shares of Cytokinetics, in a research report on Tuesday, April 25th. Rodman & Renshaw reiterated a “buy” rating and set a $25.00 target price on shares of Cytokinetics, in a research report on Thursday, March 23rd. Zacks Investment Research cut shares of Cytokinetics, from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 4th. Cowen and Company reiterated an “outperform” rating and set a $19.00 target price (up previously from $17.00) on shares of Cytokinetics, in a research report on Saturday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics, in a research report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $20.30.
In related news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics, stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $13.62, for a total transaction of $68,100.00. Following the completion of the transaction, the chief executive officer now owns 94,785 shares of the company’s stock, valued at $1,290,971.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 7.20% of the stock is owned by company insiders.
Cytokinetics, Incorporated is a late-stage biopharmaceutical company. The Company is focused on discovering, developing and commercializing first-in-class muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is focused on the discovery and development of small molecule therapeutics that modulate muscle function for the treatment of serious diseases and medical conditions.
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