Cytokinetics, Incorporated $CYTK Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 0.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,174,448 shares of the biopharmaceutical company’s stock after selling 10,357 shares during the period. Principal Financial Group Inc. owned about 0.98% of Cytokinetics worth $64,548,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in shares of Cytokinetics by 10.6% in the 3rd quarter. UMB Bank n.a. now owns 1,762 shares of the biopharmaceutical company’s stock valued at $97,000 after purchasing an additional 169 shares during the last quarter. Lisanti Capital Growth LLC purchased a new stake in Cytokinetics in the third quarter valued at approximately $2,697,000. Arizona State Retirement System boosted its holdings in shares of Cytokinetics by 1.6% in the third quarter. Arizona State Retirement System now owns 33,546 shares of the biopharmaceutical company’s stock valued at $1,844,000 after acquiring an additional 527 shares during the period. New York State Common Retirement Fund grew its position in shares of Cytokinetics by 24.1% during the third quarter. New York State Common Retirement Fund now owns 47,875 shares of the biopharmaceutical company’s stock worth $2,631,000 after acquiring an additional 9,308 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Cytokinetics by 5.8% during the third quarter. Federated Hermes Inc. now owns 25,794 shares of the biopharmaceutical company’s stock worth $1,418,000 after acquiring an additional 1,405 shares during the last quarter.

Cytokinetics Trading Down 0.7%

NASDAQ CYTK opened at $64.73 on Wednesday. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -10.29 and a beta of 0.54. The business’s 50 day moving average is $63.72 and its two-hundred day moving average is $55.23. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.59) by $0.05. The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $6.05 million. During the same quarter last year, the firm earned ($1.36) earnings per share. The firm’s quarterly revenue was up 318.1% compared to the same quarter last year. Equities analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CYTK shares. B. Riley increased their price target on shares of Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. The Goldman Sachs Group set a $95.00 target price on shares of Cytokinetics and gave the stock a “buy” rating in a research note on Thursday, December 18th. Jefferies Financial Group reissued a “buy” rating and set a $90.00 price target on shares of Cytokinetics in a report on Friday, January 9th. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Finally, Leerink Partners set a $83.00 target price on Cytokinetics in a research note on Monday, December 22nd. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.42.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, Director Edward M. Md Kaye sold 28,064 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $66.72, for a total value of $1,872,430.08. Following the completion of the transaction, the director directly owned 9,977 shares of the company’s stock, valued at approximately $665,665.44. This trade represents a 73.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John T. Henderson sold 8,750 shares of Cytokinetics stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total transaction of $559,125.00. Following the sale, the director owned 74,578 shares of the company’s stock, valued at approximately $4,765,534.20. The trade was a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 148,760 shares of company stock worth $9,694,837. Company insiders own 3.40% of the company’s stock.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.