Cytokinetics, Incorporated $CYTK Holdings Boosted by Hsbc Holdings PLC

Hsbc Holdings PLC raised its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 5,906.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 221,999 shares of the biopharmaceutical company’s stock after acquiring an additional 218,303 shares during the period. Hsbc Holdings PLC’s holdings in Cytokinetics were worth $14,632,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CYTK. Kemnay Advisory Services Inc. acquired a new position in Cytokinetics during the 4th quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new stake in Cytokinetics in the fourth quarter worth $29,000. TD Waterhouse Canada Inc. acquired a new stake in Cytokinetics in the fourth quarter worth $32,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cytokinetics by 46.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares during the last quarter. Finally, Quarry LP acquired a new position in Cytokinetics during the 3rd quarter valued at about $30,000.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 7,500 shares of Cytokinetics stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $70.46, for a total value of $528,450.00. Following the transaction, the chief executive officer owned 385,330 shares of the company’s stock, valued at approximately $27,150,351.80. This trade represents a 1.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $3,806,075. This represents a 21.31% 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 a total of 132,036 shares of company stock valued at $9,816,694 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $82.19 on Thursday. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The stock has a fifty day moving average of $78.37 and a 200-day moving average of $69.61. The company has a market capitalization of $10.23 billion, a PE ratio of -12.02 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.67). The company had revenue of $19.36 million during the quarter, compared to analyst estimates of $8.52 million. The business’s revenue was up 1112.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.36) earnings per share. As a group, research analysts forecast that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada cut their price target on Cytokinetics from $119.00 to $117.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Wells Fargo & Company lifted their target price on Cytokinetics from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Morgan Stanley boosted their price target 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 upgraded shares of Cytokinetics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $69.00 to $115.00 in a report on Monday, June 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 target price on shares of Cytokinetics in a report on Wednesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

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.