Principal Financial Group Inc. Buys 15,120 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Principal Financial Group Inc. lifted its holdings in Cytokinetics, Incorporated (NASDAQ:CYTKGet Rating) by 2.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 673,268 shares of the biopharmaceutical company’s stock after purchasing an additional 15,120 shares during the quarter. Principal Financial Group Inc. owned 0.79% of Cytokinetics worth $26,453,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CYTK. Vanguard Group Inc. grew its holdings in shares of Cytokinetics by 25.1% in the first quarter. Vanguard Group Inc. now owns 8,741,124 shares of the biopharmaceutical company’s stock valued at $321,760,000 after purchasing an additional 1,751,405 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in Cytokinetics by 171.0% during the first quarter. Lord Abbett & CO. LLC now owns 2,258,004 shares of the biopharmaceutical company’s stock worth $83,117,000 after buying an additional 1,424,936 shares during the period. Great Point Partners LLC boosted its stake in Cytokinetics by 85.7% during the first quarter. Great Point Partners LLC now owns 650,000 shares of the biopharmaceutical company’s stock worth $23,927,000 after buying an additional 300,000 shares during the period. Eagle Asset Management Inc. purchased a new position in Cytokinetics during the first quarter worth $8,633,000. Finally, Wellington Management Group LLP boosted its stake in Cytokinetics by 19.7% during the first quarter. Wellington Management Group LLP now owns 1,344,493 shares of the biopharmaceutical company’s stock worth $49,491,000 after buying an additional 221,421 shares during the period.

Cytokinetics Stock Performance

CYTK stock opened at $41.14 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 11.56 and a quick ratio of 11.56. The business has a 50-day moving average price of $46.33 and a 200 day moving average price of $45.04. The company has a market capitalization of $3.89 billion, a P/E ratio of -13.02 and a beta of 0.98. Cytokinetics, Incorporated has a 1-year low of $29.26 and a 1-year high of $55.80.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $38.04, for a total value of $152,160.00. Following the completion of the transaction, the executive vice president now directly owns 164,346 shares in the company, valued at $6,251,721.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Fady Ibraham Malik sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $38.04, for a total transaction of $152,160.00. Following the sale, the executive vice president now owns 164,346 shares in the company, valued at $6,251,721.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Henderson sold 21,759 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.94, for a total value of $1,195,439.46. Following the sale, the director now owns 24,049 shares in the company, valued at approximately $1,321,252.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,872 shares of company stock worth $5,975,182. 5.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Mizuho assumed coverage on shares of Cytokinetics in a research note on Friday, September 2nd. They set a “buy” rating and a $80.00 price objective for the company. UBS Group assumed coverage on shares of Cytokinetics in a research note on Tuesday, October 11th. They set a “buy” rating and a $80.00 target price for the company. StockNews.com lowered shares of Cytokinetics from a “hold” rating to a “sell” rating in a research note on Friday, November 4th. Raymond James boosted their target price on shares of Cytokinetics from $54.00 to $63.00 in a research note on Friday, August 5th. Finally, JMP Securities boosted their target price on shares of Cytokinetics from $53.00 to $82.00 and gave the company a “market outperform” rating in a research note on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.83.

Cytokinetics Profile

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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.

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Institutional Ownership by Quarter for Cytokinetics (NASDAQ:CYTK)

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