Charles Schwab Investment Management Inc. Sells 22,332 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in Cytokinetics by 1.7% in Q1, owning 1,312,857 shares worth approximately $52.76 million.
• Other institutional investors have also adjusted their holdings, with GAMMA Investing LLC increasing its stake by 281.0% in the same quarter.
• Cytokinetics reported earnings of ($1.12) per share, surpassing estimates, and achieved remarkable year-over-year revenue growth of 26727.3%.

Charles Schwab Investment Management Inc. decreased its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,312,857 shares of the biopharmaceutical company's stock after selling 22,332 shares during the period. Charles Schwab Investment Management Inc. owned about 1.10% of Cytokinetics worth $52,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CYTK. Deep Track Capital LP grew its holdings 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 valued at $117,600,000 after purchasing an additional 1,870,094 shares during the period. Capital International Investors bought a new stake in Cytokinetics during the fourth quarter valued at about $51,564,000. T. Rowe Price Investment Management Inc. grew its holdings in Cytokinetics by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after purchasing an additional 1,062,136 shares during the period. Vestal Point Capital LP grew its holdings in Cytokinetics by 56.7% during 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. Finally, Orbimed Advisors LLC grew its holdings in Cytokinetics by 106.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock valued at $74,512,000 after purchasing an additional 817,099 shares during the period.

Cytokinetics Trading Up 2.0%

Shares of NASDAQ:CYTK traded up $0.73 during mid-day trading on Thursday, reaching $38.05. The stock had a trading volume of 1,022,919 shares, compared to its average volume of 1,472,968. The company has a market cap of $4.55 billion, a P/E ratio of -7.46 and a beta of 0.64. Cytokinetics, Incorporated has a 1 year low of $29.31 and a 1 year high of $59.39. The business's 50 day moving average price is $35.68 and its 200 day moving average price is $38.02.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) EPS for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The firm had revenue of $66.77 million during the quarter, compared to analysts' expectations of $1.95 million. Cytokinetics's quarterly revenue was up 26727.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.31) earnings per share. Analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Edward M. Md Kaye sold 3,636 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $32.10, for a total transaction of $116,715.60. Following the sale, the director directly owned 29,658 shares in the company, valued at $952,021.80. This represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the chief executive officer owned 388,108 shares in the company, valued at approximately $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,295 shares of company stock valued at $1,384,010 over the last three months. Corporate insiders own 2.70% of the company's stock.

Analyst Upgrades and Downgrades

CYTK has been the subject of several recent research reports. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a report on Tuesday, May 13th. Barclays cut their price target on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. cut their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. Citigroup lowered their price objective on Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Royal Bank Of Canada lowered their price objective on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $71.58.

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.