Cytokinetics, Incorporated $CYTK Stake Boosted by Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A.

Key Points

• Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. increased its stake in Cytokinetics by 571.2%, acquiring an additional 921,278 shares, bringing its total to over 1 million shares.
• Cytokinetics reported a quarterly revenue of $66.77 million, significantly exceeding analysts' expectations of $1.95 million, and improved its earnings per share to ($1.12), beating estimates by $0.22.
• Several brokerages, including Citigroup and HC Wainwright, have upgraded their price targets for Cytokinetics, with an overall average price target set at $76.64, indicating a Moderate Buy rating.

Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. raised its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 571.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,082,563 shares of the biopharmaceutical company's stock after acquiring an additional 921,278 shares during the quarter. Cytokinetics makes up 4.2% of Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A.'s holdings, making the stock its 10th biggest position. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. owned approximately 0.91% of Cytokinetics worth $35,768,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its stake in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 291 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the last quarter. UMB Bank n.a. lifted its stake in Cytokinetics by 91.4% in the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 552 shares during the last quarter. Assetmark Inc. lifted its position in shares of 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 buying an additional 1,151 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of Cytokinetics by 1,053.0% during the 1st quarter. Covestor Ltd now owns 1,914 shares of the biopharmaceutical company's stock valued at $77,000 after buying an additional 1,748 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CYTK. Citigroup upped their price target on Cytokinetics from $77.00 to $84.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $78.00 price objective on shares of Cytokinetics in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cytokinetics in a report on Wednesday. HC Wainwright restated a "buy" rating and set a $120.00 price target on shares of Cytokinetics in a research note on Monday, September 29th. Finally, Evercore ISI upped their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cytokinetics has an average rating of "Moderate Buy" and an average price target of $76.64.

Cytokinetics Trading Down 0.4%

Shares of Cytokinetics stock opened at $60.04 on Friday. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $61.48. The company has a market cap of $7.18 billion, a price-to-earnings ratio of -11.77 and a beta of 0.67. The company's 50-day moving average price is $46.02 and its 200-day moving average price is $39.12.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping 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 previous year, the company posted ($1.31) earnings per share. The company's quarterly revenue was up 26727.3% compared to the same quarter last year. On average, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $60.56, for a total value of $121,120.00. Following the sale, the executive vice president owned 140,610 shares of the company's stock, valued at $8,515,341.60. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Edward M. Md Kaye sold 6,757 shares of the firm's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $60.00, for a total value of $405,420.00. Following the completion of the sale, the director directly owned 9,778 shares in the company, valued at approximately $586,680. The trade was a 40.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,208 shares of company stock worth $2,555,581. Corporate insiders own 2.70% of the company's stock.

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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