J. Safra Sarasin Holding AG Grows Position in Cytokinetics, Incorporated $CYTK

Key Points

• J. Safra Sarasin Holding AG increased its investment in Cytokinetics by 145.4%, acquiring an additional 40,399 shares during the second quarter, bringing its total ownership to around 68,190 shares valued at $2,253,000.
• Several hedge funds, including Fifth Third Bancorp and Parallel Advisors LLC, significantly boosted their positions in Cytokinetics, reflecting growing institutional interest in the company.
• Cytokinetics reported earnings of ($1.12) per share, surpassing analyst expectations, with quarterly revenue skyrocketing by 26727.3% year-over-year.

J. Safra Sarasin Holding AG lifted its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 145.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 68,190 shares of the biopharmaceutical company's stock after purchasing an additional 40,399 shares during the period. J. Safra Sarasin Holding AG owned about 0.06% of Cytokinetics worth $2,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CYTK. Fifth Third Bancorp boosted its holdings in shares of Cytokinetics by 42.2% during 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 period. Parallel Advisors LLC raised its position in Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock valued at $44,000 after purchasing an additional 916 shares during the last quarter. GAMMA Investing LLC raised its position in Cytokinetics by 281.0% during the 1st 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 holdings in Cytokinetics by 91.4% in the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 552 shares during the period. Finally, Assetmark Inc. grew its position in shares of Cytokinetics by 11,510.0% in the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after buying an additional 1,151 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CYTK shares. Barclays upped their target price on Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. HC Wainwright reissued a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday, September 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Tuesday, September 2nd. Raymond James Financial began coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Finally, Stifel Nicolaus boosted their price target on shares of Cytokinetics from $87.00 to $96.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.86.

Cytokinetics Stock Performance

CYTK stock opened at $56.97 on Friday. The firm has a 50 day moving average price of $43.64 and a 200-day moving average price of $38.61. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $59.39. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -11.17 and a beta of 0.67.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. The firm's quarterly revenue was up 26727.3% on a year-over-year basis. During the same period last year, the business earned ($1.31) EPS. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, Director Edward M. Md Kaye sold 6,756 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the sale, the director directly owned 23,230 shares of the company's stock, valued at $1,161,500. This trade represents a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $49.28, for a total transaction of $98,560.00. Following the completion of the sale, the executive vice president owned 140,610 shares of the company's stock, valued at $6,929,260.80. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,451 shares of company stock worth $2,096,561. 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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