Comerica Bank Increases Position in Cytokinetics, Incorporated $CYTK

Key Points

• Comerica Bank increased its holdings in Cytokinetics by 3.2% during the first quarter, now owning 243,109 shares valued at approximately $9.77 million.
• Cytokinetics reported a significant year-over-year revenue increase of 26,727.3%, with quarterly revenue of $66.77 million, surpassing analysts’ estimates.
• Analysts maintain a consensus rating of Moderate Buy for Cytokinetics, with an average target price of $71.58, although some have adjusted their price targets downward this year.

Comerica Bank boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,109 shares of the biopharmaceutical company's stock after acquiring an additional 7,645 shares during the period. Comerica Bank owned 0.20% of Cytokinetics worth $9,771,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CYTK. Fifth Third Bancorp grew its stake in Cytokinetics by 42.2% during the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after acquiring an additional 291 shares in the last quarter. Parallel Advisors LLC grew its stake in Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after acquiring an additional 916 shares in the last quarter. GAMMA Investing LLC grew its stake in Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after acquiring an additional 826 shares in the last quarter. UMB Bank n.a. grew its stake in Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 552 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Cytokinetics by 11,510.0% during the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after acquiring an additional 1,151 shares in the last quarter.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Cytokinetics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 10th. Needham & Company LLC reissued a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Wednesday, May 14th. Raymond James Financial assumed coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They issued a "market perform" rating for the company. UBS Group dropped their price target on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, Mizuho dropped their price target on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.58.

Cytokinetics Stock Performance

Shares of CYTK stock opened at $38.19 on Wednesday. The firm's 50 day moving average price is $35.94 and its 200-day moving average price is $37.76. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39. The firm has a market cap of $4.57 billion, a P/E ratio of -7.49 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.22. The company had revenue of $66.77 million during the quarter, compared to analyst estimates of $1.95 million. During the same quarter in the prior year, the company posted ($1.31) earnings per share. The business'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 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other news, Director Edward M. Md Kaye sold 3,636 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the transaction, the director directly owned 29,658 shares in the company, valued at approximately $952,021.80. This represents a 10.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the transaction, the chief executive officer owned 393,108 shares in the company, valued at approximately $14,997,070.20. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,295 shares of company stock valued at $1,384,010. 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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