Comerica Bank Has $9.17 Million Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Comerica Bank raised its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 185.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 130,806 shares of the biopharmaceutical company’s stock after purchasing an additional 84,967 shares during the period. Comerica Bank owned approximately 0.12% of Cytokinetics worth $9,171,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Fifth Third Bancorp raised its holdings in Cytokinetics by 94.1% in 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 in the last quarter. EntryPoint Capital LLC acquired a new position in Cytokinetics in the first quarter valued at about $74,000. GAMMA Investing LLC bought a new stake in Cytokinetics during the fourth quarter worth about $80,000. Bessemer Group Inc. grew its stake in Cytokinetics by 25,100.0% during the first 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 in the last quarter. Finally, Sage Rhino Capital LLC bought a new position in Cytokinetics in the 4th quarter valued at about $204,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CYTK. Truist Financial cut their price target on shares of Cytokinetics from $86.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. JMP Securities reduced their target price on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 28th. Oppenheimer lowered their price target on Cytokinetics from $107.00 to $106.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Barclays decreased their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Finally, Bank of America dropped their target price on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, Director B Lynne Parshall sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the completion of the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,082,530. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $52.55, for a total value of $262,750.00. Following the completion of the sale, the director now owns 20,600 shares in the company, valued at approximately $1,082,530. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 15,547 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the transaction, the executive vice president now directly owns 137,056 shares in the company, valued at $8,923,716.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,579 shares of company stock worth $8,797,418. 3.40% of the stock is owned by corporate insiders.

Cytokinetics Stock Down 3.7 %

NASDAQ:CYTK traded down $2.12 during trading hours on Friday, reaching $55.79. The company had a trading volume of 376,246 shares, compared to its average volume of 2,478,369. The business’s 50-day simple moving average is $54.13 and its two-hundred day simple moving average is $65.14. Cytokinetics, Incorporated has a twelve month low of $25.98 and a twelve month high of $110.25. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -10.72 and a beta of 0.75.

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

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.