Cytokinetics, Incorporated $CYTK Stock Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 18.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,374,523 shares of the biopharmaceutical company’s stock after buying an additional 214,060 shares during the period. Pictet Asset Management Holding SA’s holdings in Cytokinetics were worth $90,569,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in Cytokinetics by 11.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,093,485 shares of the biopharmaceutical company’s stock worth $72,072,000 after buying an additional 116,593 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in Cytokinetics by 17.1% during the 1st quarter. ADAR1 Capital Management LLC now owns 632,556 shares of the biopharmaceutical company’s stock valued at $41,692,000 after acquiring an additional 92,390 shares in the last quarter. Siren L.L.C. bought a new stake in Cytokinetics during the 1st quarter valued at $40,466,000. Handelsbanken Fonder AB boosted its position in Cytokinetics by 63.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 405,000 shares of the biopharmaceutical company’s stock worth $34,502,000 after acquiring an additional 157,700 shares during the period. Finally, E. Ohman J or Asset Management AB boosted its position in Cytokinetics by 1.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 304,611 shares of the biopharmaceutical company’s stock worth $25,950,000 after acquiring an additional 3,849 shares during the period.

Analyst Ratings Changes

Several research firms have recently issued reports on CYTK. Truist Financial increased their price target on Cytokinetics from $106.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Needham & Company LLC lifted their price objective on shares of Cytokinetics from $102.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a report on Friday, September 11th. Royal Bank Of Canada increased their target price on shares of Cytokinetics from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Thursday, October 8th. Finally, Leerink Partners decreased their target price on shares of Cytokinetics from $103.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday, November 5th. Nineteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $106.67.

Cytokinetics Trading Up 2.7%

NASDAQ:CYTK opened at $55.14 on Tuesday. Cytokinetics, Incorporated has a twelve month low of $53.55 and a twelve month high of $88.31. The company has a 50-day moving average of $65.34 and a 200-day moving average of $69.93. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of -9.13 and a beta of 0.45.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Wednesday, November 4th. The biopharmaceutical company reported ($1.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.43) by $0.06. The business had revenue of $47.56 million during the quarter, compared to the consensus estimate of $41.88 million. During the same quarter in the previous year, the firm earned ($2.55) earnings per share. The firm’s revenue for the quarter was up 2356.5% compared to the same quarter last year. On average, research analysts forecast that Cytokinetics, Incorporated will post -5.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Fady Malik sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $62.93, for a total transaction of $220,255.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $9,685,052.86. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 Cytokinetics stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $62.81, for a total transaction of $471,075.00. Following the completion of the transaction, the chief executive officer owned 278,544 shares in the company, valued at approximately $17,495,348.64. This trade represents a 2.62% decrease in their position. 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. Over the last ninety days, insiders sold 173,426 shares of company stock worth $11,934,640. Corporate insiders own 2.60% of the company’s stock.

About Cytokinetics

Cytokinetics is a biopharmaceutical company focused on discovering and developing medicines that target the biology of muscle function. Its research centers on therapies for conditions involving impaired cardiac muscle performance.

The company’s work includes aficamten, a cardiac myosin inhibitor developed for hypertrophic cardiomyopathy, and other drug candidates designed to affect muscle contraction. Cytokinetics conducts research and clinical development through programs that may involve patients and collaborators in multiple countries.

Founded in 1997, Cytokinetics is based in South San Francisco, California.