J. Safra Sarasin Holding AG Sells 14,736 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• J. Safra Sarasin Holding AG reduced its Cytokinetics stake by 63.1% in the first quarter, selling 14,736 shares and leaving it with 8,634 shares worth about $569,000.
• Several analysts remain positive on CYTK, with recent price targets ranging from $95 to $106 and a consensus rating of Moderate Buy with an average target price of $99.90.
• Cytokinetics reported quarterly earnings that matched expectations at ($1.67) EPS, while revenue of $19.36 million beat estimates and surged 1112.5% year over year.

J. Safra Sarasin Holding AG cut its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 63.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,634 shares of the biopharmaceutical company's stock after selling 14,736 shares during the period. J. Safra Sarasin Holding AG's holdings in Cytokinetics were worth $569,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Millennium Management LLC grew its holdings in shares of Cytokinetics by 361.9% in the first quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock worth $11,571,000 after acquiring an additional 225,576 shares during the period. Cetera Investment Advisers boosted its position in Cytokinetics by 12.4% in the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock worth $219,000 after purchasing an additional 731 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% in the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock worth $25,000 after purchasing an additional 673 shares during the last quarter. Gabelli Funds LLC grew its stake in shares of Cytokinetics by 29.4% during the 2nd quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after purchasing an additional 1,910 shares during the period. Finally, California Public Employees Retirement System grew its stake in shares of Cytokinetics by 10.8% during the 2nd quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after purchasing an additional 13,911 shares during the period.

Analyst Ratings Changes

Several brokerages have recently weighed in on CYTK. JPMorgan Chase & Co. increased their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Truist Financial set a $106.00 target price on shares of Cytokinetics in a report on Tuesday, May 5th. Wall Street Zen upgraded shares of Cytokinetics from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Barclays lifted their price target on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a research note on Monday, April 6th. Finally, Citigroup initiated coverage on shares of Cytokinetics in a research report on Monday, May 18th. They set a "buy" rating and a $99.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.90.

Cytokinetics Trading Up 0.8%

Cytokinetics stock opened at $82.62 on Thursday. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31. The firm has a market capitalization of $10.28 billion, a price-to-earnings ratio of -12.08 and a beta of 0.42. The firm has a 50 day moving average of $77.87 and a 200 day moving average of $68.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The business's revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.36) earnings per share. On average, analysts predict that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Insider Buying and Selling at Cytokinetics

In related news, CEO Robert I. Blum sold 7,500 shares of the company's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $77.21, for a total value of $579,075.00. Following the completion of the transaction, the chief executive officer owned 392,830 shares of the company's stock, valued at approximately $30,330,404.30. This represents a 1.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 the firm's stock in a transaction dated 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. This represents 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. Insiders sold a total of 135,536 shares of company stock valued at $10,046,609 in the last ninety days. 2.60% of the stock is currently owned by insiders.

Cytokinetics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.