Pictet Asset Management Holding SA Sells 387,995 Shares of Cytokinetics, Incorporated $CYTK

Pictet Asset Management Holding SA trimmed its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 33.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 757,563 shares of the biopharmaceutical company’s stock after selling 387,995 shares during the period. Pictet Asset Management Holding SA’s holdings in Cytokinetics were worth $48,023,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in 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 during the period. Deep Track Capital LP increased its stake in shares of 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 buying an additional 650,000 shares during the period. Vestal Point Capital LP increased its stake in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock valued at $98,294,000 after buying an additional 384,469 shares during the period. Woodline Partners LP raised its position in shares of Cytokinetics by 676.1% during the third quarter. Woodline Partners LP now owns 1,647,725 shares of the biopharmaceutical company’s stock worth $90,559,000 after acquiring an additional 1,435,422 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Cytokinetics by 2.0% during the third quarter. Northern Trust Corp now owns 1,406,832 shares of the biopharmaceutical company’s stock worth $77,319,000 after acquiring an additional 27,641 shares during the last quarter.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,500 shares of the firm’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $65.69, for a total value of $229,915.00. Following the completion of the sale, the executive vice president directly owned 153,902 shares in the company, valued at approximately $10,109,822.38. This trade represents a 2.22% decrease in their ownership of the stock. The transaction 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 7,449 shares of Cytokinetics stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $66.02, for a total transaction of $491,782.98. Following the completion of the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,865,801.10. This trade represents a 11.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 151,505 shares of company stock worth $9,443,940. 2.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Mizuho upped their target price on Cytokinetics from $84.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Wells Fargo & Company initiated coverage on shares of Cytokinetics in a report on Friday, April 10th. They set an “overweight” rating and a $95.00 price target for the company. UBS Group boosted their price target on shares of Cytokinetics from $61.00 to $69.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a research note on Wednesday, February 25th. Finally, Royal Bank Of Canada increased their price objective on shares of Cytokinetics from $95.00 to $101.00 and gave the stock an “outperform” rating in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.55.

Cytokinetics Price Performance

NASDAQ CYTK opened at $59.58 on Thursday. The stock has a market capitalization of $7.40 billion, a P/E ratio of -9.12 and a beta of 0.47. The business has a 50 day simple moving average of $63.89 and a 200 day simple moving average of $63.48. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million during the quarter, compared to analysts’ expectations of $8.02 million. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.26) earnings per share. Equities analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

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.