Candriam S.C.A. Has $22.09 Million Stock Position in Cytokinetics, Incorporated $CYTK

Candriam S.C.A. boosted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 128.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 335,208 shares of the biopharmaceutical company’s stock after purchasing an additional 188,577 shares during the quarter. Candriam S.C.A.’s holdings in Cytokinetics were worth $22,094,000 at the end of the most recent quarter.

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

Cytokinetics Stock Down 1.4%

CYTK traded down $1.20 during midday trading on Friday, reaching $84.87. 1,768,023 shares of the company’s stock were exchanged, compared to its average volume of 2,446,466. The firm has a market capitalization of $10.56 billion, a price-to-earnings ratio of -12.41 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $32.89 and a one year high of $88.31. The business has a 50-day simple moving average of $77.25 and a two-hundred day simple moving average of $68.57.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The company had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. During the same quarter in the prior year, the company posted ($1.36) earnings per share. The company’s revenue for the quarter was up 1112.5% on a year-over-year basis. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -6.22 EPS for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Andrew Callos sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $85.80, for a total value of $1,287,000.00. Following the completion of the sale, the executive vice president owned 58,555 shares in the company, valued at approximately $5,024,019. This trade represents a 20.39% decrease in their position. The transaction was disclosed in a legal filing 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 Sung Lee sold 1,112 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total transaction of $97,622.48. Following the completion of the transaction, the executive vice president directly owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. This represents a 1.73% 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 ninety days, insiders sold 142,985 shares of company stock valued at $10,413,592. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CYTK has been the subject of several recent research reports. Mizuho upped their price target on Cytokinetics from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Wednesday, June 24th. HC Wainwright lifted their price objective on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Truist Financial set a $106.00 price objective on Cytokinetics in a research report on Tuesday, May 5th. Needham & Company LLC restated a “buy” rating and issued a $102.00 target price on shares of Cytokinetics in a research note on Wednesday, June 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Two equities research 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 issued a Sell rating to the company. According to MarketBeat.com, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus price target 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.