BNP Paribas Financial Markets Trims Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

BNP Paribas Financial Markets reduced its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 38.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,647 shares of the biopharmaceutical company’s stock after selling 15,645 shares during the period. BNP Paribas Financial Markets’ holdings in Cytokinetics were worth $1,159,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CYTK. Capital International Investors purchased a new position in shares of Cytokinetics during the 4th quarter valued at $51,564,000. T. Rowe Price Investment Management Inc. grew its position in Cytokinetics by 11.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company’s stock worth $505,780,000 after acquiring an additional 1,062,136 shares in the last quarter. Norges Bank purchased a new position in Cytokinetics in the fourth quarter worth $46,556,000. Groupama Asset Managment purchased a new position in Cytokinetics in the fourth quarter worth $16,464,000. Finally, Marshall Wace LLP grew its position in Cytokinetics by 14.9% in the fourth quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company’s stock worth $101,292,000 after acquiring an additional 279,612 shares in the last quarter.

Insider Buying and Selling

In related news, EVP Andrew Callos sold 4,002 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $36.68, for a total value of $146,793.36. Following the completion of the transaction, the executive vice president now directly owns 60,687 shares of the company’s stock, valued at $2,225,999.16. This represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Muna Bhanji sold 1,454 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the completion of the transaction, the director now directly owns 23,510 shares of the company’s stock, valued at approximately $698,952.30. The trade was a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,816 shares of company stock valued at $3,850,385 over the last three months. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Wednesday, May 14th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research report on Thursday, April 10th. Royal Bank of Canada cut their price target on shares of Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Finally, Citigroup cut their price target on shares of Cytokinetics from $86.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $74.44.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $30.75 on Tuesday. The company has a market cap of $3.67 billion, a price-to-earnings ratio of -5.72 and a beta of 0.81. The company has a 50-day moving average price of $38.62 and a 200-day moving average price of $45.04. 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, Incorporated has a 12 month low of $29.31 and a 12 month high of $61.40.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. The business’s revenue was up 89.1% on a year-over-year basis. During the same period last year, the company posted ($1.33) earnings per share. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current 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.