The Manufacturers Life Insurance Company Cuts Position in Cytokinetics, Incorporated $CYTK

The Manufacturers Life Insurance Company cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 12.4% in the 1st quarter, HoldingsChannel.com reports. 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’s holdings in Cytokinetics were worth $11,015,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of CYTK. Vanguard Group Inc. lifted its holdings in Cytokinetics by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares during the period. State Street Corp boosted 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 worth $370,139,000 after purchasing an additional 207,961 shares during the last quarter. Deep Track Capital LP grew its stake in Cytokinetics by 17.8% in the 3rd quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $236,328,000 after purchasing an additional 650,000 shares during the period. Geode Capital Management LLC grew its stake in Cytokinetics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares during the period. Finally, Vestal Point Capital LP increased 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 valued at $98,294,000 after purchasing an additional 384,469 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. HC Wainwright lifted their target price on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Mizuho increased their price target on shares of Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a research report on Wednesday, June 24th. Royal Bank Of Canada decreased their price objective on shares of Cytokinetics from $119.00 to $117.00 and set an “outperform” rating for the company in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cytokinetics from $92.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $99.90.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 14,000 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $79.88, for a total transaction of $1,118,320.00. Following the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $4,677,373.40. This represents a 19.30% decrease in their ownership of the stock. 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 stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $80.59, for a total transaction of $282,065.00. Following the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $12,402,962.18. This represents a 2.22% 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 90 days, insiders have sold 115,179 shares of company stock valued at $9,126,054. 2.60% of the stock is currently owned by insiders.

Cytokinetics Price Performance

Shares of CYTK opened at $76.45 on Tuesday. Cytokinetics, Incorporated has a 1 year low of $32.89 and a 1 year high of $88.31. The stock’s fifty 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) last posted its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the previous year, the company posted ($1.36) EPS. The firm’s revenue was up 1112.5% compared to the same quarter last year. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -6.2 earnings per share for the current fiscal year.

Cytokinetics Company 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.