Fifth Third Bancorp Acquires 27,638 Shares of Cytokinetics, Incorporated $CYTK

Fifth Third Bancorp increased its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 2,535.6% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 28,728 shares of the biopharmaceutical company’s stock after buying an additional 27,638 shares during the quarter. Fifth Third Bancorp’s holdings in Cytokinetics were worth $1,893,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 673 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Cytokinetics during the fourth quarter valued at approximately $27,000. Kestra Advisory Services LLC bought a new position in Cytokinetics during the fourth quarter valued at approximately $29,000. Quarry LP bought a new position in Cytokinetics during the third quarter valued at approximately $30,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in Cytokinetics in the fourth quarter worth approximately $32,000.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $82.19 on Thursday. The stock has a 50-day simple moving average of $78.37 and a two-hundred day simple moving average of $69.61. The firm has a market capitalization of $10.23 billion, a PE ratio of -12.02 and a beta of 0.42. Cytokinetics, Incorporated has a 52-week low of $32.89 and a 52-week high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, hitting 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 period last year, the business earned ($1.36) EPS. The firm’s quarterly revenue was up 1112.5% compared to the same quarter last year. Equities analysts forecast that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a report on Friday, July 17th. Truist Financial set a $106.00 target price on Cytokinetics in a report on Tuesday, May 5th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $102.00 price target on shares of Cytokinetics in a research report on Wednesday, June 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

Insider Buying and Selling

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the transaction, the executive vice president directly owned 63,221 shares in the company, valued at $5,550,171.59. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Callos sold 15,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total transaction of $1,287,000.00. Following the completion of the sale, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $5,024,019. This trade represents a 20.39% 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. Insiders sold a total of 132,036 shares of company stock worth $9,816,694 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

About Cytokinetics

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.