Cetera Investment Advisers Decreases Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Cetera Investment Advisers lowered its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 82.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,551 shares of the biopharmaceutical company’s stock after selling 21,484 shares during the period. Cetera Investment Advisers’ holdings in Cytokinetics were worth $214,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harvey Capital Management Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth $1,040,000. Raymond James Financial Inc. purchased a new position in shares of Cytokinetics during the 4th quarter worth $254,000. abrdn plc raised its holdings in shares of Cytokinetics by 29.4% during the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock worth $21,192,000 after acquiring an additional 102,457 shares during the period. AlphaQuest LLC raised its holdings in shares of Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 1,135 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock worth $560,520,000 after acquiring an additional 154,216 shares during the period.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $30.88 on Monday. The company has a market cap of $3.69 billion, a P/E ratio of -5.74 and a beta of 0.81. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The stock has a 50-day moving average of $36.19 and a two-hundred day moving average of $43.50. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $61.38.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on CYTK. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a report on Wednesday, May 14th. Citigroup reduced their price target on Cytokinetics from $86.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Barclays reduced their price target on Cytokinetics from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Evercore ISI raised Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday, April 21st. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 12,648 shares of Cytokinetics stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $44.38, for a total value of $561,318.24. Following the completion of the transaction, the chief executive officer now owns 326,533 shares in the company, valued at approximately $14,491,534.54. This trade represents a 3.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Andrew Callos sold 2,775 shares of Cytokinetics stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the completion of the transaction, the executive vice president now owns 34,888 shares of the company’s stock, valued at $1,548,329.44. The trade was a 7.37% decrease in their position. 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 in the last three months. 2.70% of the stock is owned by corporate insiders.

Cytokinetics Profile

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.