M&T Bank Corp Buys 10,433 Shares of Cytokinetics, Incorporated $CYTK

M&T Bank Corp increased its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 173.5% during the fourth quarter, HoldingsChannel reports. The firm owned 16,445 shares of the biopharmaceutical company’s stock after acquiring an additional 10,433 shares during the period. M&T Bank Corp’s holdings in Cytokinetics were worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Cytokinetics by 723.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares during the period. Quarry LP bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $30,000. TD Waterhouse Canada Inc. bought a new stake in shares of Cytokinetics in the 4th quarter worth approximately $32,000. Advisory Services Network LLC bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $32,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Cytokinetics in the 3rd quarter worth approximately $40,000.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 36,601 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $2,274,752.15. Following the completion of the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at approximately $26,745,009.50. The trade was a 7.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 12,033 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total transaction of $747,850.95. Following the completion of the transaction, the executive vice president owned 153,902 shares of the company’s stock, valued at $9,565,009.30. This trade represents a 7.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 166,505 shares of company stock worth $10,392,840. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Robert W. Baird set a $84.00 price target on shares of Cytokinetics in a report on Tuesday, March 10th. Leerink Partners reaffirmed an “outperform” rating on shares of Cytokinetics in a report on Tuesday, March 10th. Wells Fargo & Company assumed coverage on shares of Cytokinetics in a report on Friday, April 10th. They issued an “overweight” rating and a $95.00 price target on the stock. Truist Financial lifted their price target on shares of Cytokinetics from $84.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Finally, Bank of America reaffirmed a “neutral” rating on shares of Cytokinetics in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $90.55.

Cytokinetics Price Performance

CYTK opened at $63.97 on Friday. The company has a fifty day moving average price of $63.81 and a 200-day moving average price of $63.49. The firm has a market capitalization of $7.95 billion, a P/E ratio of -9.80 and a beta of 0.47. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million for the quarter, compared to analysts’ expectations of $8.02 million. Cytokinetics’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.26) EPS. On average, analysts expect that Cytokinetics, Incorporated will post -6.22 earnings per share for the current year.

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.