Cytokinetics, Incorporated $CYTK Shares Bought by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its stake in Cytokinetics by 128.6% in the first quarter, ending with 335,208 shares valued at about $22.1 million.
• Several analysts remain bullish on the stock, with recent price target raises from Wells Fargo, JPMorgan, UBS, and Stifel; the consensus rating is Moderate Buy with an average target price of $99.90.
• Cytokinetics reported quarterly revenue of $19.36 million, well above estimates, while shares recently traded down 1.4% to $84.87. Insider selling also continued, including sales by CEO Robert I. Blum and EVP Andrew Callos.

Candriam S.C.A. grew its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 128.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 335,208 shares of the biopharmaceutical company's stock after buying an additional 188,577 shares during the quarter. Candriam S.C.A. owned about 0.27% of Cytokinetics worth $22,094,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in CYTK. Vanguard Group Inc. raised its stake in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock worth $765,538,000 after buying an additional 191,336 shares in the last quarter. Hudson Bay Capital Management LP lifted its position in shares of Cytokinetics by 15.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company's stock valued at $10,010,000 after acquiring an additional 24,345 shares during the last quarter. Cinctive Capital Management LP acquired a new position in shares of Cytokinetics in the 3rd quarter worth $5,806,000. Boxer Capital Management LLC acquired a new stake in shares of Cytokinetics during the third quarter worth $10,992,000. Finally, Foresite Capital Management IV LLC acquired a new position in shares of Cytokinetics in the 3rd quarter valued at $25,188,000.

Analyst Ratings Changes

CYTK has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Cytokinetics from $95.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their price objective on Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. UBS Group raised Cytokinetics from a "neutral" rating to a "buy" rating and lifted their target price for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. Finally, Stifel Nicolaus boosted their price target on shares of Cytokinetics from $98.00 to $108.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $99.90.

Cytokinetics Stock Down 1.4%

Shares of CYTK traded down $1.20 during mid-day trading on Friday, hitting $84.87. 1,768,023 shares of the company's stock were exchanged, compared to its average volume of 2,446,466. The stock has a market cap of $10.56 billion, a price-to-earnings ratio of -12.41 and a beta of 0.42. The firm has a fifty day moving average of $77.25 and a two-hundred day moving average of $68.57. Cytokinetics, Incorporated has a twelve month low of $32.89 and a twelve month high of $88.31.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period in the previous year, the company earned ($1.36) earnings per share. The company's quarterly revenue was up 1112.5% compared to the same quarter last year. On average, equities analysts predict that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total value of $447,150.00. Following the transaction, the chief executive officer owned 407,830 shares in the company, valued at $24,314,824.60. This trade represents a 1.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the business's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares of the company's stock, valued at approximately $3,806,075. This represents a 21.31% 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. In the last quarter, insiders have sold 142,985 shares of company stock worth $10,413,592. Corporate insiders own 2.60% of the company's stock.

Cytokinetics Company 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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