Aberdeen Group plc Boosts Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Aberdeen Group plc increased its stake in Cytokinetics by 33.7%, owning approximately 0.50% of the company, worth around $24.2 million, following the acquisition of additional shares in Q1.
• Cytokinetics reported a significant year-over-year revenue increase of 26727.3%, with quarterly revenue totaling $66.77 million and earnings per share of ($1.12), exceeding analyst expectations.
• The stock of Cytokinetics fell by 1.4% to $37.32, with a market cap of $4.47 billion and a P/E ratio of -7.32, reflecting a challenging market environment.

Aberdeen Group plc grew its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 33.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 602,421 shares of the biopharmaceutical company's stock after acquiring an additional 151,908 shares during the period. Aberdeen Group plc owned about 0.50% of Cytokinetics worth $24,211,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp raised its stake in shares of Cytokinetics by 42.2% in 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 during the period. Parallel Advisors LLC raised its stake in shares of Cytokinetics by 500.5% in 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 during the period. GAMMA Investing LLC raised its stake in shares of Cytokinetics by 281.0% in 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 during the period. UMB Bank n.a. lifted its holdings in Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 552 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in Cytokinetics by 11,510.0% during the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 1,151 shares in the last quarter.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded up $0.29 during trading hours on Friday, reaching $38.34. The stock had a trading volume of 1,548,301 shares, compared to its average volume of 1,483,594. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $59.39. The firm's 50 day moving average is $35.76 and its 200-day moving average is $37.86. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -7.52 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, beating analysts' consensus estimates 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 in the prior year, the company posted ($1.31) earnings per share. The company's revenue for the quarter was up 26727.3% on a year-over-year basis. Analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CYTK. Mizuho reduced their target price on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a report on Thursday, May 29th. Barclays reduced their target price on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reiterated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a report on Wednesday, May 14th. Royal Bank Of Canada reduced their target price on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, UBS Group reduced their target price on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Two investment 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 stock. According to MarketBeat, Cytokinetics has a consensus rating of "Moderate Buy" and a consensus target price of $71.58.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total value of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares of the company's stock, valued at approximately $5,386,769.10. This represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward M. Md Kaye sold 3,636 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the completion of the transaction, the director directly owned 29,658 shares in the company, valued at $952,021.80. This trade represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,295 shares of company stock valued at $1,384,010. 2.70% of the stock is currently owned by company 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.