Pictet Asset Management Holding SA Lowers Stock Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Pictet Asset Management Holding SA trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 8.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,911,999 shares of the biopharmaceutical company's stock after selling 176,568 shares during the quarter. Pictet Asset Management Holding SA owned 1.62% of Cytokinetics worth $89,940,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CYTK. Vanguard Group Inc. increased its holdings in Cytokinetics by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock valued at $560,520,000 after buying an additional 154,216 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cytokinetics by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company's stock valued at $150,433,000 after acquiring an additional 109,938 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock worth $62,807,000 after acquiring an additional 13,798 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Cytokinetics by 17.2% in the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company's stock worth $60,399,000 after acquiring an additional 167,501 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Cytokinetics during the 4th quarter worth $46,556,000.

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Analyst Ratings Changes

Several research firms have commented on CYTK. Citigroup assumed coverage on shares of Cytokinetics in a research report on Friday, February 7th. They set a "buy" rating and a $86.00 price target for the company. JMP Securities reissued a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a research report on Friday, February 7th. HC Wainwright reaffirmed a "buy" rating and issued a $120.00 price target on shares of Cytokinetics in a report on Friday, February 28th. Morgan Stanley set a $67.00 price objective on Cytokinetics in a report on Friday, March 7th. Finally, Royal Bank of Canada boosted their target price on Cytokinetics from $80.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and a consensus price target of $82.00.

Insider Activity

In other news, EVP Andrew Callos sold 3,341 shares of Cytokinetics stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.27, for a total transaction of $144,565.07. Following the completion of the transaction, the executive vice president now directly owns 64,434 shares of the company's stock, valued at $2,788,059.18. The trade was a 4.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert I. Blum sold 16,970 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.44, for a total transaction of $737,176.80. Following the sale, the chief executive officer now directly owns 364,181 shares in the company, valued at $15,820,022.64. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,834 shares of company stock valued at $2,560,525 in the last quarter. 3.40% of the stock is currently owned by company insiders.

Cytokinetics Stock Performance

NASDAQ CYTK traded up $0.18 on Thursday, hitting $40.43. 632,795 shares of the company's stock traded hands, compared to its average volume of 1,670,400. The firm has a market capitalization of $4.79 billion, a PE ratio of -7.51 and a beta of 0.95. Cytokinetics, Incorporated has a 1-year low of $37.46 and a 1-year high of $75.71. The firm's 50-day moving average price is $45.34 and its two-hundred day moving average price is $49.23. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

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.