Cytokinetics, Incorporated $CYTK Stake Trimmed by TD Asset Management Inc

TD Asset Management Inc lowered its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 19.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 544,010 shares of the biopharmaceutical company’s stock after selling 127,770 shares during the quarter. TD Asset Management Inc owned approximately 0.44% of Cytokinetics worth $34,566,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the period. Quarry LP acquired a new stake in Cytokinetics during the 3rd quarter worth about $30,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics during the 4th quarter worth about $32,000. Advisory Services Network LLC acquired a new stake in Cytokinetics during the 3rd quarter worth about $32,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Cytokinetics by 46.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 171 shares during the period.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 15,000 shares of the business’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 $1,111,200.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares in the company, valued at approximately $4,337,754.40. The trade was a 20.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $77.37, for a total value of $270,795.00. Following the completion of the sale, the executive vice president owned 153,902 shares of the company’s stock, valued at approximately $11,907,397.74. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 181,909 shares of company stock worth $11,969,996 over the last quarter. Insiders own 2.60% of the company’s stock.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $71.48 on Friday. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of -10.45 and a beta of 0.42. Cytokinetics, Incorporated has a 52-week low of $31.99 and a 52-week high of $80.20. The stock has a 50-day simple moving average of $69.97 and a 200-day simple moving average of $65.95.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.36) earnings per share. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CYTK shares. Robert W. Baird set a $84.00 price objective on Cytokinetics in a research report on Tuesday, March 10th. Morgan Stanley raised their price objective on Cytokinetics from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. UBS Group set a $119.00 price objective on Cytokinetics in a research report on Wednesday, May 6th. Barclays raised their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Finally, Citigroup started coverage on Cytokinetics in a research report on Monday, May 18th. They set a “buy” rating and a $99.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.30.

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.