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

Allspring Global Investments Holdings LLC decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 93.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,763 shares of the biopharmaceutical company's stock after selling 78,258 shares during the period. Allspring Global Investments Holdings LLC's holdings in Cytokinetics were worth $216,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State of Alaska Department of Revenue increased its stake in Cytokinetics by 2.7% in 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. Fifth Third Bancorp grew its stake in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 291 shares during the last quarter. GAMMA Investing LLC grew its stake in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after buying an additional 826 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Cytokinetics by 17.7% during the first quarter. Harbor Capital Advisors Inc. now owns 53,113 shares of the biopharmaceutical company's stock worth $2,135,000 after buying an additional 7,983 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 552 shares during the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the topic of several analyst reports. Bank of America cut their price objective on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Royal Bank Of Canada cut their target price on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Cantor Fitzgerald raised shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Barclays reduced their price target on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, Citigroup reduced their target price on Cytokinetics from $86.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.92.

Insiders Place Their Bets

In other news, Director Edward M. Md Kaye sold 3,636 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the completion of the transaction, the director directly owned 29,658 shares in the company, valued at approximately $952,021.80. The trade was a 10.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $33.76, for a total transaction of $67,520.00. Following the completion of the transaction, the executive vice president owned 140,610 shares of the company's stock, valued at $4,746,993.60. The trade was a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,941 shares of company stock worth $2,150,336. 2.70% of the stock is currently owned by insiders.

Cytokinetics Stock Up 1.1%

Shares of NASDAQ CYTK traded up $0.42 during mid-day trading on Friday, reaching $37.01. 960,448 shares of the company were exchanged, compared to its average volume of 1,530,089. The company's 50-day simple moving average is $32.73 and its 200-day simple moving average is $40.13. The stock has a market capitalization of $4.42 billion, a P/E ratio of -7.00 and a beta of 0.59. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $61.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.41) by $0.05. The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.77 million. The business's quarterly revenue was up 89.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.33) EPS. As a group, equities research analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Cytokinetics Company 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.