BNP Paribas Financial Markets Purchases 332,397 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• BNP Paribas Financial Markets boosted its Cytokinetics stake by 134.3% in the fourth quarter, buying 332,397 additional shares to hold 579,862 shares worth about $36.8 million.
• Cytokinetics reported mixed quarterly results: it met EPS expectations at a loss of $1.67 per share, but revenue of $19.36 million came in well above estimates and jumped 1112.5% year over year.
• Analysts remain broadly positive on CYTK, with a consensus rating of “Moderate Buy” and an average price target of $99.30, even as insiders have recently sold shares.

BNP Paribas Financial Markets lifted its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 134.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 579,862 shares of the biopharmaceutical company's stock after buying an additional 332,397 shares during the period. BNP Paribas Financial Markets owned about 0.47% of Cytokinetics worth $36,844,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CYTK. EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after buying an additional 673 shares during the period. Quarry LP bought a new stake in shares of Cytokinetics in the third quarter valued at about $30,000. Advisory Services Network LLC bought a new stake in shares of Cytokinetics in the third quarter valued at about $32,000. TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the fourth quarter valued at about $32,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company's stock valued at $35,000 after buying an additional 171 shares during the period.

Cytokinetics Trading Down 0.3%

NASDAQ CYTK opened at $70.71 on Thursday. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of -10.34 and a beta of 0.42. The company has a 50 day moving average of $69.55 and a 200-day moving average of $65.87. Cytokinetics, Incorporated has a 1-year low of $31.52 and a 1-year high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The business's quarterly revenue was up 1112.5% on a year-over-year basis. During the same period in the previous year, the business posted ($1.36) EPS. On average, analysts forecast that Cytokinetics, Incorporated will post -6.27 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CYTK. JPMorgan Chase & Co. increased their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. UBS Group set a $119.00 target price on shares of Cytokinetics in a research note on Wednesday, May 6th. Stifel Nicolaus increased their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Morgan Stanley raised their price target on shares of Cytokinetics from $90.00 to $103.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, Bank of America restated a "neutral" rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $99.30.

Insiders Place Their Bets

In related news, EVP Andrew Callos sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $74.08, for a total value of $1,111,200.00. Following the completion of the sale, the executive vice president owned 58,555 shares of the company's stock, valued at $4,337,754.40. This trade represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $77.37, for a total transaction of $270,795.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at approximately $11,907,397.74. This represents a 2.22% 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. Insiders have sold a total of 181,909 shares of company stock valued at $11,969,996 over the last quarter. Company insiders own 2.60% of the company's stock.

Cytokinetics 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.

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