Cytokinetics, Incorporated $CYTK Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 5,906.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 221,999 shares of the biopharmaceutical company’s stock after purchasing an additional 218,303 shares during the period. Hsbc Holdings PLC owned approximately 0.18% of Cytokinetics worth $14,632,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CYTK. Kestra Advisory Services LLC boosted its position in shares of Cytokinetics by 812.4% in the first quarter. Kestra Advisory Services LLC now owns 4,115 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 3,664 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Cytokinetics by 2.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,115 shares of the biopharmaceutical company’s stock worth $1,655,000 after acquiring an additional 700 shares in the last quarter. Abel Hall LLC lifted its position in Cytokinetics by 10.5% during the 1st quarter. Abel Hall LLC now owns 4,050 shares of the biopharmaceutical company’s stock worth $267,000 after acquiring an additional 384 shares in the last quarter. Strs Ohio boosted its holdings in Cytokinetics by 2.4% in the 1st quarter. Strs Ohio now owns 12,600 shares of the biopharmaceutical company’s stock worth $830,000 after acquiring an additional 300 shares during the period. Finally, AMI Asset Management Corp boosted its holdings in Cytokinetics by 3.8% in the 1st quarter. AMI Asset Management Corp now owns 14,816 shares of the biopharmaceutical company’s stock worth $977,000 after acquiring an additional 536 shares during the period.

Cytokinetics Price Performance

Shares of CYTK stock opened at $82.19 on Thursday. The firm has a fifty day moving average of $78.37 and a two-hundred day moving average of $69.61. The firm has a market cap of $10.23 billion, a P/E ratio of -12.02 and a beta of 0.42. Cytokinetics, Incorporated has a 1-year low of $32.89 and a 1-year high of $88.31.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates 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 quarter last year, the company posted ($1.36) EPS. On average, sell-side analysts expect that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. This represents a 21.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer owned 385,330 shares in the company, valued at $27,150,351.80. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 132,036 shares of company stock worth $9,816,694. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CYTK shares. Morgan Stanley lifted their price objective on shares of Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company raised their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Mizuho lifted their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada cut their price objective on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $99.90.

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.