Aberdeen Group plc Buys 320,508 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Aberdeen Group plc increased its stake in Cytokinetics by 53.2%, acquiring an additional 320,508 shares, bringing its total ownership to approximately 922,929 shares worth about $30.5 million.
• Cytokinetics reported earnings per share of ($1.12), surpassing analyst expectations by $0.22, and its revenue surged by 26,727.3% year-over-year to $66.77 million.
• Several analysts have given Cytokinetics a "Moderate Buy" consensus rating, with price targets ranging from $56.00 to $84.00, reflecting positive market sentiment around the stock.

Aberdeen Group plc raised its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 53.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 922,929 shares of the biopharmaceutical company's stock after acquiring an additional 320,508 shares during the period. Aberdeen Group plc owned about 0.77% of Cytokinetics worth $30,494,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. KLP Kapitalforvaltning AS lifted its stake in Cytokinetics by 1.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 24,000 shares of the biopharmaceutical company's stock valued at $793,000 after acquiring an additional 400 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Cytokinetics by 17.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,613 shares of the biopharmaceutical company's stock valued at $152,000 after acquiring an additional 683 shares in the last quarter. J. Safra Sarasin Holding AG lifted its stake in Cytokinetics by 145.4% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 68,190 shares of the biopharmaceutical company's stock valued at $2,253,000 after acquiring an additional 40,399 shares in the last quarter. UMB Bank n.a. lifted its stake in Cytokinetics by 37.8% during the 2nd quarter. UMB Bank n.a. now owns 1,593 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 437 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Cytokinetics by 30.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,476 shares of the biopharmaceutical company's stock valued at $294,000 after acquiring an additional 1,988 shares in the last quarter.

Cytokinetics Stock Performance

Shares of CYTK opened at $60.04 on Monday. The business has a 50-day moving average of $46.02 and a 200 day moving average of $39.10. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $61.48. The firm has a market cap of $7.18 billion, a P/E ratio of -11.77 and a beta of 0.67.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. During the same period last year, the business posted ($1.31) EPS. The company's revenue was up 26727.3% compared to the same quarter last year. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CYTK shares. JMP Securities restated a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Tuesday, September 2nd. Evercore ISI lifted their target price on Cytokinetics from $60.00 to $80.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research note on Wednesday, October 8th. Citigroup lifted their target price on Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Finally, Bank of America lifted their target price on Cytokinetics from $52.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.64.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $60.56, for a total transaction of $121,120.00. Following the completion of the transaction, the executive vice president owned 140,610 shares of the company's stock, valued at $8,515,341.60. The trade was a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $55.05, for a total value of $275,250.00. Following the transaction, the chief executive officer directly owned 368,108 shares of the company's stock, valued at $20,264,345.40. The trade was a 1.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,208 shares of company stock valued at $2,364,831. 3.40% of the stock is owned by insiders.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.

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