UBS Group AG Sells 691,595 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• UBS Group AG cut its stake in Cytokinetics by 37.9%, selling 691,595 shares in Q4 and now holds 1,131,456 shares (~0.93%) valued at about $71.9 million.
• Company insiders sold 165,619 shares worth roughly $10.34 million in the last quarter (including CEO Robert I. Blum's sale of 36,601 shares and EVP Andrew Callos' 26,000), leaving insiders with 2.60% ownership.
• Wall Street sentiment is broadly positive with a "Moderate Buy" consensus and an average target of $90.55, while CYTK trades around $63 and recently reported an EPS miss (-$1.50 vs. -$1.48) alongside a revenue beat.

UBS Group AG decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 37.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,131,456 shares of the biopharmaceutical company's stock after selling 691,595 shares during the quarter. UBS Group AG owned approximately 0.93% of Cytokinetics worth $71,893,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CYTK. Lisanti Capital Growth LLC bought a new position in Cytokinetics in the third quarter valued at about $2,697,000. Hudson Bay Capital Management LP raised its holdings in Cytokinetics by 15.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 182,131 shares of the biopharmaceutical company's stock worth $10,010,000 after purchasing an additional 24,345 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Cytokinetics during the 3rd quarter worth about $1,359,000. Knott David M Jr acquired a new position in Cytokinetics during the 3rd quarter valued at about $1,649,000. Finally, Boxer Capital Management LLC acquired a new position in Cytokinetics during the 3rd quarter valued at about $10,992,000.

Insider Activity

In related news, CEO Robert I. Blum sold 36,601 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the sale, the chief executive officer owned 430,330 shares in the company, valued at $26,745,009.50. This represents a 7.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Andrew Callos sold 26,000 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $61.87, for a total value of $1,608,620.00. Following the sale, the executive vice president directly owned 50,440 shares in the company, valued at $3,120,722.80. The trade was a 34.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 165,619 shares of company stock valued at $10,337,819 in the last quarter. Company insiders own 2.60% of the company's stock.

Cytokinetics Price Performance

Shares of CYTK stock opened at $63.35 on Monday. The stock has a market cap of $7.87 billion, a PE ratio of -9.70 and a beta of 0.38. The stock has a 50-day moving average of $63.81 and a 200-day moving average of $63.53. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.48) by ($0.02). The company had revenue of $17.76 million for the quarter, compared to analysts' expectations of $8.02 million. During the same period in the prior year, the company posted ($1.26) EPS. The business's revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -6.31 earnings per share for the current year.

Wall Street Analyst Weigh In

CYTK has been the subject of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytokinetics in a research report on Monday, April 20th. Wells Fargo & Company initiated coverage on shares of Cytokinetics in a report on Friday, April 10th. They issued an "overweight" rating and a $95.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Cytokinetics from $84.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, February 25th. Truist Financial lifted their target price on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, February 3rd. Finally, B. Riley Financial upped their target price on shares of Cytokinetics from $90.00 to $108.00 and gave the company a "buy" rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $90.55.

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.

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