Allspring Global Investments Holdings LLC Sells 78,258 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 93.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,763 shares of the biopharmaceutical company’s stock after selling 78,258 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cytokinetics were worth $216,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Deep Track Capital LP lifted its stake in Cytokinetics by 296.9% during the fourth quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company’s stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Capital International Investors purchased a new position in shares of Cytokinetics in the 4th quarter worth $51,564,000. T. Rowe Price Investment Management Inc. lifted its stake 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 during the period. Norges Bank acquired a new position in shares of Cytokinetics in the 4th quarter valued at $46,556,000. Finally, Vestal Point Capital LP grew its holdings in Cytokinetics by 56.7% in the fourth quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company’s stock valued at $110,544,000 after purchasing an additional 850,000 shares during the period.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cantor Fitzgerald raised shares of Cytokinetics to a “strong-buy” rating in a research note on Tuesday, May 13th. Citigroup lowered their price target on Cytokinetics from $86.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Thursday, April 10th. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, April 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, May 14th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average target price of $70.92.

Insider Activity

In related news, Director Edward M. Md Kaye sold 3,636 shares of the firm’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $32.10, for a total transaction of $116,715.60. Following the completion of the sale, the director directly owned 29,658 shares of the company’s stock, valued at approximately $952,021.80. This trade represents a 10.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Muna Bhanji sold 1,454 shares of Cytokinetics stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the completion of the sale, the director owned 23,510 shares in the company, valued at approximately $698,952.30. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,941 shares of company stock valued at $2,150,336 over the last 90 days. Company insiders own 2.70% of the company’s stock.

Cytokinetics Price Performance

Shares of CYTK opened at $37.01 on Friday. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $61.38. The firm has a market capitalization of $4.42 billion, a PE ratio of -7.00 and a beta of 0.59. The company has a 50-day simple moving average of $32.73 and a two-hundred day simple moving average of $40.19.

Cytokinetics (NASDAQ:CYTK) last released 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 business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. During the same quarter last year, the business earned ($1.33) EPS. Cytokinetics’s revenue for the quarter was up 89.1% compared to the same quarter last year. Analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

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.