Jennison Associates LLC Makes New $27.09 Million Investment in Cytokinetics, Incorporated (NASDAQ:CYTK)

Jennison Associates LLC acquired a new stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 673,932 shares of the biopharmaceutical company's stock, valued at approximately $27,085,000. Jennison Associates LLC owned 0.57% of Cytokinetics as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its stake in Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 291 shares during the period. Parallel Advisors LLC increased its stake in shares of Cytokinetics by 500.5% during the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after purchasing an additional 916 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Cytokinetics by 281.0% during the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after purchasing an additional 826 shares during the last quarter. UMB Bank n.a. grew its stake in Cytokinetics by 91.4% in the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after buying an additional 552 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Cytokinetics in the 4th quarter valued at $87,000.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CYTK. Bank of America lowered their target price on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Mizuho reduced their price target on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Citigroup reduced their price objective on shares of Cytokinetics from $86.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price objective on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. Finally, Barclays reduced their price objective on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.92.

Cytokinetics Stock Up 0.9%

Shares of CYTK stock traded up $0.35 during trading on Wednesday, reaching $38.05. The company's stock had a trading volume of 126,643 shares, compared to its average volume of 1,529,223. The business has a fifty day moving average price of $33.43 and a 200-day moving average price of $39.65. The company has a market cap of $4.54 billion, a price-to-earnings ratio of -7.18 and a beta of 0.59. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $61.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, topping analysts' consensus estimates of ($1.41) by $0.05. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.77 million. During the same period in the prior year, the firm earned ($1.33) EPS. The business's revenue for the quarter was up 89.1% compared to the same quarter last year. Research analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Activity

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $33.76, for a total value of $67,520.00. Following the transaction, the executive vice president directly owned 140,610 shares in the company, valued at approximately $4,746,993.60. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Edward M. Md Kaye sold 3,636 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $32.10, for a total transaction of $116,715.60. Following the completion of the transaction, the director owned 29,658 shares in the company, valued at $952,021.80. This trade represents a 10.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,751 shares of company stock valued at $1,372,341. 3.40% of the stock is owned by corporate insiders.

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.