Cytokinetics, Incorporated $CYTK Stock Position Reduced by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price cut its Cytokinetics stake by 7.1% in the fourth quarter, selling 1,364,124 shares but still holding 17.7 million shares valued at about $1.13 billion.
• Several analysts remain upbeat on CYTK, with recent price target increases and a consensus rating of “Moderate Buy” and an average target price of $99.30.
• Cytokinetics reported quarterly EPS of ($1.67), matching estimates, while revenue jumped to $19.36 million from a year earlier; meanwhile, insiders have been selling shares in recent months.

T. Rowe Price Investment Management Inc. decreased its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 7.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,716,372 shares of the biopharmaceutical company's stock after selling 1,364,124 shares during the quarter. T. Rowe Price Investment Management Inc. owned 14.49% of Cytokinetics worth $1,125,699,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CYTK. Kemnay Advisory Services Inc. bought a new position in Cytokinetics during the fourth quarter worth $27,000. Kestra Advisory Services LLC bought a new stake in Cytokinetics during the fourth quarter valued at $29,000. TD Waterhouse Canada Inc. bought a new stake in Cytokinetics during the fourth quarter valued at $32,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company's stock worth $35,000 after purchasing an additional 171 shares during the period. Finally, Quarry LP bought a new position in shares of Cytokinetics in the 3rd quarter worth about $30,000.

Analyst Ratings Changes

Several research firms have recently commented on CYTK. Mizuho lifted their price target on shares of Cytokinetics from $84.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, March 18th. Needham & Company LLC reiterated a "buy" rating and set a $102.00 price objective on shares of Cytokinetics in a research note on Wednesday. Bank of America reissued a "neutral" rating on shares of Cytokinetics in a report on Wednesday, February 25th. Wall Street Zen upgraded Cytokinetics from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Leerink Partners reaffirmed an "outperform" rating on shares of Cytokinetics in a report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $99.30.

Cytokinetics Stock Performance

Cytokinetics stock opened at $78.78 on Friday. The company has a 50-day simple moving average of $71.19 and a 200-day simple moving average of $66.28. The firm has a market capitalization of $9.80 billion, a P/E ratio of -11.52 and a beta of 0.42. Cytokinetics, Incorporated has a one year low of $31.99 and a one year high of $80.20.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to the consensus estimate of $8.52 million. The company's revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.36) earnings per share. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -6.29 earnings per share for the current year.

Insider Buying and Selling

In related news, Director B Lynne Parshall sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total value of $370,400.00. Following the sale, the director directly owned 15,784 shares in the company, valued at $1,169,278.72. This trade represents a 24.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward M. Md Kaye sold 2,933 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $76.09, for a total value of $223,171.97. Following the transaction, the director owned 10,283 shares of the company's stock, valued at $782,433.47. This trade represents a 22.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 113,739 shares of company stock valued at $7,837,220 in the last ninety days. Insiders own 2.60% 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.

Want to see what other hedge funds are holding CYTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.