Handelsbanken Fonder AB Lowers Stock Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Handelsbanken Fonder AB cut its Cytokinetics stake by 12.2% in the fourth quarter, selling 28,700 shares and ending with 205,800 shares valued at about $13.1 million.
• Cytokinetics reported quarterly EPS of ($1.67), matching estimates, while revenue of $19.36 million topped expectations and surged 1112.5% year over year.
• Wall Street remains constructive on the stock, with a Moderate Buy consensus and an average price target of $99.30, even as several insiders recently sold shares under pre-arranged trading plans.

Handelsbanken Fonder AB decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 12.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 205,800 shares of the biopharmaceutical company's stock after selling 28,700 shares during the period. Handelsbanken Fonder AB owned approximately 0.17% of Cytokinetics worth $13,077,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock valued at $765,538,000 after purchasing an additional 191,336 shares in the last quarter. Deep Track Capital LP increased its holdings in shares of Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after buying an additional 650,000 shares during the period. Vestal Point Capital LP increased its holdings in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after buying an additional 384,469 shares during the period. Woodline Partners LP increased its holdings in shares of Cytokinetics by 676.1% in the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after buying an additional 1,435,422 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Cytokinetics by 2.0% in the third quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company's stock worth $77,319,000 after buying an additional 27,641 shares during the period.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK opened at $78.06 on Friday. Cytokinetics, Incorporated has a 1 year low of $29.81 and a 1 year high of $80.20. The company has a market cap of $9.71 billion, a PE ratio of -11.41 and a beta of 0.38. The stock's 50-day moving average is $67.11 and its 200 day moving average is $65.05.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. The business's revenue was up 1112.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.36) earnings per share. Analysts expect that Cytokinetics, Incorporated will post -6.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Mizuho boosted their price target on Cytokinetics from $84.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, March 18th. Truist Financial set a $106.00 price target on Cytokinetics in a report on Tuesday, May 5th. Robert W. Baird set a $84.00 price target on Cytokinetics in a report on Tuesday, March 10th. Royal Bank Of Canada boosted their price target on Cytokinetics from $101.00 to $119.00 and gave the company an "outperform" rating in a report on Wednesday, May 6th. Finally, Citizens Jmp boosted their price target on Cytokinetics from $88.00 to $96.00 and gave the company a "market outperform" rating in a report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $99.30.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of Cytokinetics stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total transaction of $270,795.00. Following the sale, the executive vice president directly owned 153,902 shares of the company's stock, valued at approximately $11,907,397.74. The trade was a 2.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 Cytokinetics stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares in the company, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 177,476 shares of company stock valued at $11,294,769. 2.60% of the stock is currently owned by corporate insiders.

About Cytokinetics

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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