Fifth Third Bancorp Grows Stake in Cytokinetics, Incorporated $CYTK

Fifth Third Bancorp increased its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 2,535.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,728 shares of the biopharmaceutical company’s stock after purchasing an additional 27,638 shares during the period. Fifth Third Bancorp’s holdings in Cytokinetics were worth $1,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the last quarter. Norges Bank bought a new stake in Cytokinetics in the 4th quarter valued at $51,281,000. Royce & Associates LP lifted its stake in Cytokinetics by 44.3% in the 4th quarter. Royce & Associates LP now owns 144,426 shares of the biopharmaceutical company’s stock worth $9,177,000 after purchasing an additional 44,343 shares in the last quarter. GW&K Investment Management LLC boosted its holdings in shares of Cytokinetics by 161.5% during the 4th quarter. GW&K Investment Management LLC now owns 472,363 shares of the biopharmaceutical company’s stock valued at $30,015,000 after purchasing an additional 291,693 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Cytokinetics by 8.0% during the 4th quarter. Fisher Asset Management LLC now owns 822,885 shares of the biopharmaceutical company’s stock valued at $52,286,000 after purchasing an additional 61,298 shares during the last quarter.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $82.19 on Thursday. The firm has a market capitalization of $10.23 billion, a price-to-earnings ratio of -12.02 and a beta of 0.42. The business has a 50 day simple moving average of $78.37 and a 200-day simple moving average of $69.61. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.36) EPS. As a group, analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 15,857 shares of Cytokinetics stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $70.46, for a total transaction of $528,450.00. Following the transaction, the chief executive officer owned 385,330 shares in the company, valued at $27,150,351.80. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 132,036 shares of company stock worth $9,816,694 in the last quarter. Company insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CYTK. Needham & Company LLC reaffirmed a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a report on Wednesday, June 17th. HC Wainwright raised their price target on Cytokinetics from $136.00 to $140.00 and gave the company a “buy” rating in a report on Monday, May 11th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Morgan Stanley increased their target price on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Truist Financial set a $106.00 target price on shares of Cytokinetics in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Cytokinetics Company 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.