Cytokinetics, Incorporated (NASDAQ:CYTK) Stock Holdings Lessened by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 9.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,151 shares of the biopharmaceutical company’s stock after selling 1,115 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cytokinetics were worth $408,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fifth Third Bancorp raised its position in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company’s stock valued at $39,000 after acquiring an additional 291 shares in the last quarter. State of Michigan Retirement System lifted its position in Cytokinetics by 1.1% in the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company’s stock worth $1,133,000 after purchasing an additional 300 shares during the period. Louisiana State Employees Retirement System lifted its position in Cytokinetics by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company’s stock worth $1,330,000 after purchasing an additional 300 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company’s stock valued at $555,000 after acquiring an additional 365 shares during the period. Finally, Harvey Capital Management Inc. lifted its holdings in shares of Cytokinetics by 2.1% during the first quarter. Harvey Capital Management Inc. now owns 22,580 shares of the biopharmaceutical company’s stock valued at $907,000 after acquiring an additional 475 shares during the period.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $38.15, for a total value of $190,750.00. Following the transaction, the chief executive officer owned 393,108 shares in the company, valued at $14,997,070.20. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $36.34, for a total value of $72,680.00. Following the sale, the executive vice president directly owned 140,610 shares in the company, valued at $5,109,767.40. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,295 shares of company stock worth $1,307,390 over the last three months. Company insiders own 2.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CYTK. Wall Street Zen raised Cytokinetics from a “strong sell” rating to a “hold” rating in a report on Sunday, August 10th. Mizuho cut their price target on shares of Cytokinetics from $103.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, May 29th. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, May 14th. Cantor Fitzgerald raised Cytokinetics to a “strong-buy” rating in a research note on Tuesday, May 13th. Finally, Raymond James Financial initiated coverage on Cytokinetics in a report on Wednesday, July 30th. They issued a “market perform” rating for the company. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Cytokinetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.58.

Cytokinetics Price Performance

CYTK stock opened at $38.72 on Friday. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of -7.59 and a beta of 0.64. The business’s fifty day moving average price is $35.19 and its two-hundred day moving average price is $38.40. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week high of $59.39.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.22. The firm had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the previous year, the business earned ($1.31) EPS. The firm’s quarterly revenue was up 26727.3% on a year-over-year basis. Research analysts expect 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.