Comerica Bank Raises Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Comerica Bank increased its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 185.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,806 shares of the biopharmaceutical company’s stock after buying an additional 84,967 shares during the period. Comerica Bank’s holdings in Cytokinetics were worth $9,171,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in shares of Cytokinetics by 94.1% during the 1st quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 318 shares during the last quarter. EntryPoint Capital LLC bought a new position in Cytokinetics during the first quarter valued at $74,000. GAMMA Investing LLC purchased a new position in shares of Cytokinetics in the 4th quarter worth $80,000. Bessemer Group Inc. increased its holdings in shares of Cytokinetics by 25,100.0% in the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,255 shares during the last quarter. Finally, Sage Rhino Capital LLC purchased a new stake in shares of Cytokinetics during the 4th quarter valued at about $204,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CYTK shares. Truist Financial decreased their price objective on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. Bank of America dropped their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, May 23rd. Raymond James reduced their target price on shares of Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, May 23rd. HC Wainwright reiterated a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a report on Monday, June 17th. Finally, Needham & Company LLC decreased their price objective on shares of Cytokinetics from $108.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $77.06.

Cytokinetics Price Performance

NASDAQ CYTK traded down $2.12 during midday trading on Friday, hitting $55.79. 376,246 shares of the company traded hands, compared to its average volume of 2,478,369. The company has a market cap of $5.85 billion, a PE ratio of -10.72 and a beta of 0.75. Cytokinetics, Incorporated has a 52 week low of $25.98 and a 52 week high of $110.25. The company’s 50-day simple moving average is $54.13 and its 200-day simple moving average is $65.14.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The business had revenue of $0.84 million for the quarter, compared to analyst estimates of $0.91 million. During the same period in the previous year, the company earned ($1.38) EPS. The business’s quarterly revenue was down 81.8% compared to the same quarter last year. On average, research analysts predict that Cytokinetics, Incorporated will post -4.5 earnings per share for the current year.

Insider Buying and Selling at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 15,547 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the sale, the executive vice president now owns 137,056 shares in the company, valued at $8,923,716.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Robert Wong sold 13,011 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the transaction, the chief accounting officer now directly owns 16,653 shares in the company, valued at $813,998.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 15,547 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total value of $1,012,265.17. Following the completion of the sale, the executive vice president now owns 137,056 shares in the company, valued at approximately $8,923,716.16. The disclosure for this sale can be found here. Insiders sold a total of 161,579 shares of company stock worth $8,797,418 over the last three months. Corporate insiders own 3.40% of the company’s stock.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.