Vanguard Group Inc. Trims Stake in Cytokinetics, Incorporated $CYTK

Key Points

• Vanguard Group Inc. sold 66,274 shares of Cytokinetics, reducing its ownership to approximately 9.94%, valued at $476.23 million.
• Several hedge funds have increased their stakes in Cytokinetics, with T. Rowe Price raising its investment by 11% and Deep Track Capital LP increasing its stake by 296.9%.
• Cytokinetics reported an earnings beat with $66.77 million in revenue, which was a significant increase of 26,727.3% year-over-year, but the company posted a loss of ($1.12) EPS.

Vanguard Group Inc. reduced its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,849,547 shares of the biopharmaceutical company's stock after selling 66,274 shares during the quarter. Vanguard Group Inc. owned approximately 9.94% of Cytokinetics worth $476,233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Westfield Capital Management Co. LP lifted its holdings in Cytokinetics by 2.4% in the first quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock worth $52,662,000 after purchasing an additional 30,346 shares during the period. J. Safra Sarasin Holding AG lifted its stake in shares of Cytokinetics by 113.3% in the 1st quarter. J. Safra Sarasin Holding AG now owns 27,791 shares of the biopharmaceutical company's stock worth $1,117,000 after acquiring an additional 14,764 shares during the period. US Bancorp DE increased its position in shares of Cytokinetics by 38.7% during the 1st quarter. US Bancorp DE now owns 2,410 shares of the biopharmaceutical company's stock valued at $97,000 after purchasing an additional 672 shares during the period. Natixis Advisors LLC lifted its holdings in Cytokinetics by 35.1% in the 1st quarter. Natixis Advisors LLC now owns 45,465 shares of the biopharmaceutical company's stock valued at $1,827,000 after acquiring an additional 11,806 shares during the last quarter. Finally, Bayforest Capital Ltd lifted its stake in Cytokinetics by 336.5% during the first quarter. Bayforest Capital Ltd now owns 7,372 shares of the biopharmaceutical company's stock valued at $296,000 after purchasing an additional 5,683 shares during the last quarter.

Cytokinetics Trading Down 2.6%

NASDAQ CYTK traded down $0.99 during trading on Tuesday, hitting $37.96. 151,364 shares of the company's stock were exchanged, compared to its average volume of 1,739,955. The company has a market cap of $4.54 billion, a PE ratio of -7.45 and a beta of 0.64. The stock's 50 day moving average price is $35.44 and its two-hundred day moving average price is $38.10. Cytokinetics, Incorporated has a fifty-two week low of $29.31 and a fifty-two week 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 for the quarter, topping the consensus estimate of ($1.34) by $0.22. The business had revenue of $66.77 million during the quarter, compared to the consensus estimate of $1.95 million. During the same period in the prior year, the firm earned ($1.31) EPS. The business's revenue for the quarter was up 26727.3% compared to the same quarter last year. Analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on CYTK. Cantor Fitzgerald raised shares of Cytokinetics to a "strong-buy" rating in a research note on Tuesday, May 13th. UBS Group dropped their price target on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Barclays reduced their target price 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. lowered their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research report on Monday, June 9th. Finally, Citigroup dropped their target price on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $71.58.

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 on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the transaction, the director owned 29,658 shares in the company, valued at approximately $952,021.80. This represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andrew Callos sold 8,659 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $32.04, for a total transaction of $277,434.36. Following the completion of the sale, the executive vice president owned 52,028 shares in the company, valued at $1,666,977.12. This represents a 14.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,295 shares of company stock valued at $1,307,390 in the last 90 days. Corporate insiders own 3.40% of the company's stock.

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.