Cytokinetics, Incorporated (NASDAQ:CYTK) Stock Position Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 36.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,858 shares of the biopharmaceutical company’s stock after selling 1,644 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cytokinetics were worth $239,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Cytokinetics during the third quarter worth approximately $718,000. Peregrine Capital Management LLC raised its stake in Cytokinetics by 13.2% during the 3rd quarter. Peregrine Capital Management LLC now owns 204,664 shares of the biopharmaceutical company’s stock valued at $6,029,000 after purchasing an additional 23,936 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cytokinetics by 11.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,580 shares of the biopharmaceutical company’s stock valued at $518,000 after purchasing an additional 1,815 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cytokinetics by 0.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,684 shares of the biopharmaceutical company’s stock valued at $1,523,000 after purchasing an additional 359 shares during the period. Finally, Inspire Investing LLC grew its position in Cytokinetics by 7.8% in the 3rd quarter. Inspire Investing LLC now owns 10,364 shares of the biopharmaceutical company’s stock worth $305,000 after purchasing an additional 753 shares during the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $94.00 price objective on shares of Cytokinetics in a research report on Wednesday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $108.00 price target on shares of Cytokinetics in a report on Tuesday, April 9th. Oppenheimer reissued an “outperform” rating and set a $107.00 price objective on shares of Cytokinetics in a report on Monday, March 4th. Truist Financial restated a “buy” rating and issued a $86.00 target price on shares of Cytokinetics in a research note on Monday, April 8th. Finally, UBS Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $61.00 to $92.00 in a research note on Wednesday, January 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $79.33.

Insiders Place Their Bets

In other news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $79.57, for a total value of $994,625.00. Following the completion of the transaction, the chief executive officer now owns 441,797 shares of the company’s stock, valued at approximately $35,153,787.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert I. Blum sold 12,500 shares of Cytokinetics stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $79.57, for a total transaction of $994,625.00. Following the completion of the transaction, the chief executive officer now owns 441,797 shares in the company, valued at $35,153,787.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 32,605 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $79.30, for a total value of $2,585,576.50. Following the transaction, the executive vice president now directly owns 142,973 shares in the company, valued at approximately $11,337,758.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,876 shares of company stock valued at $9,269,877. 3.40% of the stock is currently owned by corporate insiders.

Cytokinetics Stock Up 0.8 %

Shares of CYTK stock opened at $65.34 on Friday. Cytokinetics, Incorporated has a 12 month low of $25.98 and a 12 month high of $110.25. The company’s fifty day simple moving average is $69.91 and its 200-day simple moving average is $59.99. The firm has a market cap of $6.83 billion, a PE ratio of -11.99 and a beta of 0.68.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.35). The business had revenue of $1.70 million during the quarter, compared to analysts’ expectations of $7.62 million. The firm’s revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business earned ($1.45) earnings per share. On average, equities analysts predict that Cytokinetics, Incorporated will post -4.5 earnings per share for the current fiscal 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.