Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Purchased by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG has increased its stake in Cytokinetics by 113.3%, acquiring an additional 14,764 shares, bringing its total holdings to 27,791 shares valued at approximately $1.12 million.
• During the first quarter, several institutional investors significantly raised their positions in Cytokinetics, including Parallel Advisors LLC with a growth of 500.5%, reflecting increased institutional interest in the company.
• Cytokinetics reported an EPS of ($1.36), beating analysts' expectations despite revenues falling short of forecasts, indicating ongoing challenges in meeting revenue targets.

J. Safra Sarasin Holding AG boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 113.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,791 shares of the biopharmaceutical company's stock after purchasing an additional 14,764 shares during the period. J. Safra Sarasin Holding AG's holdings in Cytokinetics were worth $1,117,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its stake in Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after purchasing an additional 1,062,136 shares during the period. Deep Track Capital LP boosted its position in Cytokinetics by 296.9% in the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock valued at $117,600,000 after buying an additional 1,870,094 shares during the last quarter. Vestal Point Capital LP lifted its position in shares of Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock valued at $110,544,000 after acquiring an additional 850,000 shares in the last quarter. Marshall Wace LLP lifted its stake in Cytokinetics by 14.9% during the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company's stock worth $101,292,000 after acquiring an additional 279,612 shares in the last quarter. Finally, Orbimed Advisors LLC grew its stake in Cytokinetics by 106.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after buying an additional 817,099 shares during the last quarter.

Insider Activity

In other news, EVP Andrew Callos sold 8,659 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $32.04, for a total value of $277,434.36. Following the transaction, the executive vice president directly owned 52,028 shares of the company's stock, valued at approximately $1,666,977.12. This represents a 14.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $36.34, for a total value of $72,680.00. Following the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $5,109,767.40. This trade represents a 1.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,749 shares of company stock worth $1,350,617 in the last 90 days. Company insiders own 2.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Bank of America lowered their price objective on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Mizuho reduced their price objective on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating for the company. Finally, Barclays dropped their price target on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cytokinetics currently has an average rating of "Moderate Buy" and an average price target of $70.92.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK traded up $0.11 during mid-day trading on Thursday, hitting $35.25. 1,034,440 shares of the stock were exchanged, compared to its average volume of 1,741,390. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $59.39. The stock's fifty day simple moving average is $34.74 and its two-hundred day simple moving average is $38.91. The company has a market cap of $4.21 billion, a P/E ratio of -6.66 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.32) by $0.20. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Cytokinetics Company Profile

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.