Skandinaviska Enskilda Banken AB publ Decreases Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Cytokinetics by 17.1%, owning 150,908 shares valued at approximately $6.06 million after the sale.
• Cytokinetics reported a 89.1% increase in revenue for the quarter compared to the previous year, with Q1 revenue at $1.60 million despite a loss of ($1.36) EPS, beating expectations.
• Institutional investors showed mixed activity, with Raymond James and Vanguard increasing their stakes, while insider transactions reflected a decrease in ownership by some directors.

Skandinaviska Enskilda Banken AB publ lessened its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 17.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 150,908 shares of the biopharmaceutical company's stock after selling 31,218 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.13% of Cytokinetics worth $6,063,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CYTK. Fifth Third Bancorp boosted its position in Cytokinetics by 42.2% in the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock worth $1,133,000 after buying an additional 300 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock valued at $1,330,000 after buying an additional 300 shares during the period. State of Alaska Department of Revenue increased its holdings in Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock valued at $555,000 after buying an additional 365 shares during the last quarter. Finally, Harvey Capital Management Inc. boosted its stake in shares of Cytokinetics by 2.1% during the 1st quarter. Harvey Capital Management Inc. now owns 22,580 shares of the biopharmaceutical company's stock worth $907,000 after acquiring an additional 475 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HC Wainwright reiterated a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, April 21st. Barclays decreased their price objective on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Citigroup cut their price target on Cytokinetics from $86.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Raymond James Financial started coverage on Cytokinetics in a research note on Wednesday. They issued a "market perform" rating for the company. Finally, Mizuho decreased their target price on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.92.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $1.72 during trading on Thursday, hitting $37.90. 1,050,208 shares of the company were exchanged, compared to its average volume of 1,757,549. The company has a fifty day moving average price of $34.14 and a 200-day moving average price of $39.25. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $61.27. The firm has a market capitalization of $4.53 billion, a PE ratio of -7.15 and a beta of 0.59.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, topping analysts' consensus estimates of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. The firm's revenue for the quarter was up 89.1% on a year-over-year basis. During the same quarter last year, the company earned ($1.33) earnings per share. Research analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $38.15, for a total value of $190,750.00. Following the sale, the chief executive officer owned 393,108 shares of the company's stock, valued at approximately $14,997,070.20. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Muna Bhanji sold 1,454 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the sale, the director directly owned 23,510 shares in the company, valued at $698,952.30. This represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,751 shares of company stock worth $1,242,481. 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.