Northern Trust Corp Has $58.17 Million Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• Northern Trust Corp reduced its stake in Cytokinetics by 1.6%, owning approximately 1,447,316 shares valued at $58.17 million.
• Cytokinetics reported a significant earnings surprise with revenue of $66.77 million for the quarter, compared to a consensus estimate of just $1.95 million.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for Cytokinetics, with a target price averaging $71.58.

Northern Trust Corp reduced its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 1.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,447,316 shares of the biopharmaceutical company's stock after selling 24,173 shares during the period. Northern Trust Corp owned about 1.21% of Cytokinetics worth $58,168,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Fifth Third Bancorp lifted 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 purchasing an additional 291 shares during the last quarter. Parallel Advisors LLC lifted its position in Cytokinetics by 500.5% during the first quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after acquiring an additional 916 shares during the last quarter. GAMMA Investing LLC lifted its position in Cytokinetics by 281.0% during the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after acquiring an additional 826 shares during the last quarter. UMB Bank n.a. lifted its position in Cytokinetics by 91.4% during the first quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock worth $46,000 after acquiring an additional 552 shares during the last quarter. Finally, Assetmark Inc. lifted its position in Cytokinetics by 11,510.0% during the first quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock worth $47,000 after acquiring an additional 1,151 shares during the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several research reports. Royal Bank Of Canada cut their price objective on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Mizuho cut their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Citigroup cut their price objective on shares of Cytokinetics from $80.00 to $77.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Needham & Company LLC restated a "buy" rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Wednesday, May 14th. Finally, Barclays cut their price objective on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.58.

Cytokinetics Trading Up 3.2%

Shares of CYTK opened at $38.19 on Wednesday. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $59.39. The firm's 50 day moving average is $35.94 and its 200-day moving average is $37.76. The stock has a market capitalization of $4.57 billion, a PE ratio of -7.49 and a beta of 0.64.

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

Insider Activity

In related news, Director Edward M. Md Kaye sold 3,636 shares of Cytokinetics stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $32.10, for a total value of $116,715.60. Following the transaction, the director directly owned 29,658 shares of the company's stock, valued at $952,021.80. This trade represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $38.31, for a total transaction of $76,620.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. This trade represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,295 shares of company stock valued at $1,384,010. 3.40% of the stock is 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.