Pictet Asset Management Holding SA Trims Stock Holdings in Cytokinetics, Incorporated $CYTK

Pictet Asset Management Holding SA reduced its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 750,953 shares of the biopharmaceutical company’s stock after selling 6,610 shares during the quarter. Pictet Asset Management Holding SA owned about 0.61% of Cytokinetics worth $49,297,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System purchased a new stake in Cytokinetics in the 1st quarter valued at $2,340,000. Creek Drive Management Group LLC purchased a new position in Cytokinetics during the 4th quarter worth $635,000. Rockefeller Capital Management L.P. grew its position in Cytokinetics by 842.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 641 shares of the biopharmaceutical company’s stock worth $41,000 after purchasing an additional 573 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Cytokinetics by 46.4% in the fourth quarter. Corient Private Wealth LLC now owns 7,044 shares of the biopharmaceutical company’s stock valued at $447,000 after buying an additional 2,231 shares during the last quarter. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Cytokinetics in the fourth quarter valued at about $657,000.

Analyst Upgrades and Downgrades

CYTK has been the topic of a number of research reports. UBS Group raised Cytokinetics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $69.00 to $115.00 in a report on Monday. Citigroup assumed coverage on Cytokinetics in a research note on Monday, May 18th. They set a “buy” rating and a $99.00 price objective for the company. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Leerink Partners reiterated an “outperform” rating on shares of Cytokinetics in a research note on Tuesday, March 10th. Finally, Mizuho boosted their target price on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Insiders Place Their Bets

In other news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director directly owned 15,784 shares of the company’s stock, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the completion of the sale, the chief executive officer owned 407,830 shares in the company, valued at approximately $24,314,824.60. This trade represents a 1.81% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 120,373 shares of company stock worth $8,381,895. Company insiders own 2.60% of the company’s stock.

Cytokinetics Stock Up 6.2%

Shares of NASDAQ:CYTK opened at $87.26 on Tuesday. Cytokinetics, Incorporated has a fifty-two week low of $32.66 and a fifty-two week high of $87.35. The firm’s 50-day simple moving average is $73.40 and its 200-day simple moving average is $67.10. The company has a market cap of $10.86 billion, a price-to-earnings ratio of -12.76 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analysts’ expectations of $8.52 million. The company’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same period in the prior year, the company earned ($1.36) earnings per share. On average, research analysts forecast that Cytokinetics, Incorporated will post -6.26 EPS for the current year.

About Cytokinetics

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.