T. Rowe Price Investment Management Inc. Sells 796,872 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Cytokinetics by 7.4%, now holding approximately 8.34% of the company, valued at $400.1 million.
• Analysts have downgraded Cytokinetics' price targets, with Mizuho lowering theirs from $103 to $84 and UBS cutting theirs from $47 to $41.
• Executives from Cytokinetics have sold shares recently, with one EVP reducing their stake by 14.27% and a director decreasing their ownership by 10.92%.

T. Rowe Price Investment Management Inc. decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,955,251 shares of the biopharmaceutical company's stock after selling 796,872 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 8.34% of Cytokinetics worth $400,102,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Deep Track Capital LP lifted its stake in shares of 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 acquiring an additional 1,870,094 shares during the period. Vestal Point Capital LP lifted its position in Cytokinetics by 56.7% during the 4th 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. Orbimed Advisors LLC lifted its position in Cytokinetics by 106.5% during the 4th 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. Northern Trust Corp boosted its stake in shares of Cytokinetics by 10.7% in the 4th quarter. Northern Trust Corp now owns 1,471,489 shares of the biopharmaceutical company's stock valued at $69,219,000 after purchasing an additional 141,835 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in shares of Cytokinetics by 2.4% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after buying an additional 30,346 shares during the period.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded up $0.29 during trading hours on Friday, hitting $38.34. The company's stock had a trading volume of 1,548,301 shares, compared to its average volume of 1,483,594. The company has a market capitalization of $4.59 billion, a PE ratio of -7.52 and a beta of 0.64. The stock has a 50 day moving average of $35.76 and a 200 day moving average of $37.86. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $59.39.

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

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of recent research reports. Citigroup reduced their price objective on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Royal Bank Of Canada decreased their price objective on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. Mizuho reduced their target price on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a report on Thursday, May 29th. Finally, Barclays lowered their price target on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $71.58.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 8,659 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.04, for a total value of $277,434.36. Following the sale, the executive vice president directly owned 52,028 shares of the company's stock, valued at approximately $1,666,977.12. The trade was a 14.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the completion of the sale, the chief executive officer directly owned 388,108 shares in the company, valued at $14,146,536.60. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 40,295 shares of company stock worth $1,384,010 over the last three months. 2.70% of the stock is currently owned by insiders.

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.