The Manufacturers Life Insurance Company Has $11.02 Million Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• The Manufacturers Life Insurance Company reduced its Cytokinetics stake by 12.4% in the first quarter, selling 23,683 shares and retaining 167,124 shares valued at approximately $11.02 million.
• Several major institutional investors increased their positions, including Vanguard, State Street, Deep Track Capital, Geode Capital and Vestal Point Capital.
• Analysts remain broadly positive, with Cytokinetics receiving a consensus “Moderate Buy” rating and an average price target of $99.90, compared with shares opening at $76.45.

The Manufacturers Life Insurance Company cut its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 12.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,124 shares of the biopharmaceutical company's stock after selling 23,683 shares during the period. The Manufacturers Life Insurance Company owned about 0.13% of Cytokinetics worth $11,015,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CYTK. Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company's stock worth $765,538,000 after buying an additional 191,336 shares in the last quarter. State Street Corp grew its position in Cytokinetics by 3.7% in the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company's stock valued at $370,139,000 after acquiring an additional 207,961 shares during the last quarter. Deep Track Capital LP grew its position in Cytokinetics by 17.8% in the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company's stock valued at $236,328,000 after acquiring an additional 650,000 shares during the last quarter. Geode Capital Management LLC raised its stake in Cytokinetics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company's stock worth $194,214,000 after acquiring an additional 15,815 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in Cytokinetics by 14.8% during the second 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.

Insiders Place Their Bets

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the completion of the sale, the director owned 15,784 shares of the company's stock, valued at approximately $1,169,278.72. This trade represents a 24.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $84.92, for a total transaction of $636,900.00. Following the completion of the sale, the chief executive officer directly owned 377,830 shares of the company's stock, valued at approximately $32,085,323.60. The trade was a 1.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 115,179 shares of company stock worth $9,126,054. Corporate insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CYTK shares. Citigroup began coverage on shares of Cytokinetics in a research note on Monday, May 18th. They issued a "buy" rating and a $99.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of Cytokinetics from $92.00 to $97.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 12th. Truist Financial set a $106.00 price target on Cytokinetics in a research note on Tuesday, May 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, Barclays upped their price target on Cytokinetics from $87.00 to $95.00 and gave the company an "overweight" rating in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cytokinetics currently has a consensus rating of "Moderate Buy" and an average target price of $99.90.

Cytokinetics Stock Performance

Shares of CYTK opened at $76.45 on Tuesday. Cytokinetics, Incorporated has a 52-week low of $32.89 and a 52-week high of $88.31. The business's 50 day moving average price is $78.74 and its two-hundred day moving average price is $70.52. The firm has a market cap of $9.51 billion, a PE ratio of -11.18 and a beta of 0.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting the consensus estimate of ($1.67). The company had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. During the same period last year, the business earned ($1.36) EPS. The business's quarterly revenue was up 1112.5% compared to the same quarter last year. Research analysts predict that Cytokinetics, Incorporated will post -6.2 EPS for the current fiscal year.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source