Pictet Asset Management Holding SA Sells 387,995 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Pictet Asset Management cut its Cytokinetics stake by 33.9%, selling 387,995 shares in Q4 and leaving 757,563 shares (about 0.62% of the company) valued at roughly $48.0 million.
• Wall Street is broadly positive—MarketBeat shows a consensus rating of "Moderate Buy" with an average target of $90.55, and several firms (Truist, B. Riley, Wells Fargo) have recently issued buy/overweight ratings or raised price targets.
• Insiders have been net sellers (151,505 shares sold in the past 90 days, ~$9.44M), while the company reported Q4 EPS of -$1.50 (missed by $0.02) and revenue of $17.76M (above estimates); CYTK has a $7.4B market cap and a 52-week range of $29.31–$70.98.

Pictet Asset Management Holding SA lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 33.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 757,563 shares of the biopharmaceutical company's stock after selling 387,995 shares during the quarter. Pictet Asset Management Holding SA owned about 0.62% of Cytokinetics worth $48,023,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CYTK. Vanguard Group Inc. raised its position in shares of Cytokinetics by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock valued at $765,538,000 after buying an additional 191,336 shares in the last quarter. Deep Track Capital LP lifted its holdings in shares of Cytokinetics by 17.8% during the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock worth $236,328,000 after acquiring an additional 650,000 shares during the period. Vestal Point Capital LP boosted its position in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company's stock worth $98,294,000 after acquiring an additional 384,469 shares in the last quarter. Woodline Partners LP boosted its position in shares of Cytokinetics by 676.1% during the 3rd quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company's stock worth $90,559,000 after acquiring an additional 1,435,422 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Cytokinetics by 2.0% in the third quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company's stock valued at $77,319,000 after acquiring an additional 27,641 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America restated a "neutral" rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Truist Financial lifted their price target on Cytokinetics from $84.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, February 3rd. B. Riley Financial boosted their price target on Cytokinetics from $90.00 to $108.00 and gave the stock a "buy" rating in a report on Wednesday, January 21st. Wells Fargo & Company began coverage on Cytokinetics in a research report on Friday, April 10th. They set an "overweight" rating and a $95.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on Cytokinetics from $74.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $90.55.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $59.58 on Thursday. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $70.98. The company has a market capitalization of $7.40 billion, a PE ratio of -9.12 and a beta of 0.47. The company has a fifty day moving average of $63.89 and a 200-day moving average of $63.48.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The company had revenue of $17.76 million during the quarter, compared to the consensus estimate of $8.02 million. During the same quarter last year, the business posted ($1.26) earnings per share. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In related news, EVP Andrew Callos sold 7,449 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $66.02, for a total value of $491,782.98. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at $3,865,801.10. This trade represents a 11.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sung Lee sold 4,935 shares of Cytokinetics stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $306,710.25. Following the sale, the executive vice president owned 87,127 shares in the company, valued at approximately $5,414,943.05. This represents a 5.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 151,505 shares of company stock valued at $9,443,940. Company insiders own 2.70% of the company's stock.

Cytokinetics 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.

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