130,260 Shares in Cytokinetics, Incorporated (NASDAQ:CYTK) Acquired by abrdn plc

abrdn plc bought a new position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 130,260 shares of the biopharmaceutical company’s stock, valued at approximately $10,875,000. abrdn plc owned approximately 0.13% of Cytokinetics as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Cytokinetics in the 3rd quarter worth approximately $718,000. Peregrine Capital Management LLC boosted its holdings in Cytokinetics by 13.2% in the 3rd quarter. Peregrine Capital Management LLC now owns 204,664 shares of the biopharmaceutical company’s stock worth $6,029,000 after acquiring an additional 23,936 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cytokinetics by 11.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,580 shares of the biopharmaceutical company’s stock worth $518,000 after acquiring an additional 1,815 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cytokinetics by 0.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,684 shares of the biopharmaceutical company’s stock worth $1,523,000 after acquiring an additional 359 shares during the period. Finally, Inspire Investing LLC boosted its holdings in Cytokinetics by 7.8% in the 3rd quarter. Inspire Investing LLC now owns 10,364 shares of the biopharmaceutical company’s stock worth $305,000 after acquiring an additional 753 shares during the period.

Cytokinetics Price Performance

Shares of CYTK opened at $64.80 on Friday. Cytokinetics, Incorporated has a 12-month low of $25.98 and a 12-month high of $110.25. The business’s fifty day moving average price is $70.14 and its 200 day moving average price is $59.58. The stock has a market capitalization of $6.78 billion, a PE ratio of -11.89 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last issued its earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The business had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $7.62 million. During the same quarter in the previous year, the company earned ($1.45) earnings per share. Cytokinetics’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, research analysts anticipate that Cytokinetics, Incorporated will post -4.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, CEO Robert I. Blum sold 12,500 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total value of $994,625.00. Following the sale, the chief executive officer now directly owns 441,797 shares of the company’s stock, valued at $35,153,787.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John T. Henderson sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $76.48, for a total transaction of $382,400.00. Following the completion of the transaction, the director now owns 42,632 shares of the company’s stock, valued at $3,260,495.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert I. Blum sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $79.57, for a total value of $994,625.00. Following the transaction, the chief executive officer now directly owns 441,797 shares of the company’s stock, valued at approximately $35,153,787.29. The disclosure for this sale can be found here. Insiders have sold 125,876 shares of company stock valued at $9,269,877 over the last three months. Company insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. UBS Group cut Cytokinetics from a “buy” rating to a “neutral” rating and upped their price target for the stock from $61.00 to $92.00 in a report on Wednesday, January 24th. Needham & Company LLC reiterated a “buy” rating and set a $108.00 target price on shares of Cytokinetics in a research note on Tuesday, April 9th. StockNews.com cut Cytokinetics from a “hold” rating to a “sell” rating in a research note on Friday, January 5th. Morgan Stanley reiterated an “equal weight” rating and set a $90.00 target price (up from $60.00) on shares of Cytokinetics in a research note on Friday, January 5th. Finally, Mizuho reduced their target price on Cytokinetics from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $79.33.

Cytokinetics Company Profile

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.