Invesco Ltd. Trims Stock Holdings in Cytokinetics, Incorporated $CYTK

Key Points

• Invesco Ltd. reduced its stake in Cytokinetics, Incorporated by 66.9%, now holding 501,882 shares valued at approximately $20.17 million.
• Several institutional investors increased their positions in Cytokinetics, including Covestor Ltd, which boosted its holdings by 1,053%.
• Cytokinetics' recent earnings report showed a revenue increase of 26,727.3% year-over-year, beating consensus estimates significantly.

Invesco Ltd. trimmed its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 66.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 501,882 shares of the biopharmaceutical company's stock after selling 1,015,883 shares during the quarter. Invesco Ltd. owned 0.42% of Cytokinetics worth $20,171,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Deep Track Capital LP increased its position in shares of Cytokinetics by 296.9% during the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after purchasing an additional 1,870,094 shares during the last quarter. Vestal Point Capital LP increased its position in shares of Cytokinetics by 56.7% during the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock worth $110,544,000 after purchasing an additional 850,000 shares during the last quarter. Orbimed Advisors LLC increased its position in shares of Cytokinetics by 106.5% during the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after purchasing an additional 817,099 shares during the last quarter. Northern Trust Corp increased its position in shares of Cytokinetics by 10.7% during the 4th quarter. Northern Trust Corp now owns 1,471,489 shares of the biopharmaceutical company's stock worth $69,219,000 after purchasing an additional 141,835 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased 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 purchasing an additional 30,346 shares during the last quarter.

Cytokinetics Price Performance

Shares of Cytokinetics stock traded down $0.36 on Wednesday, reaching $37.83. 2,177,894 shares of the company were exchanged, compared to its average volume of 1,541,979. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39. The company has a market cap of $4.53 billion, a P/E ratio of -7.42 and a beta of 0.64. The stock's 50 day moving average price is $36.04 and its 200-day moving average price is $37.77.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $66.77 million for the quarter, compared to analyst estimates of $1.95 million. During the same period in the prior year, the firm posted ($1.31) earnings per share. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. On average, research analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the sale, the chief executive officer owned 393,108 shares in the company, valued at $14,997,070.20. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 8,659 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total value of $277,434.36. Following the sale, the executive vice president 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 40,295 shares of company stock valued at $1,384,010. Corporate insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CYTK shares. Royal Bank Of Canada cut their price objective on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their target price on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Wednesday, May 14th. Wall Street Zen raised Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.58.

Cytokinetics 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.