Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its stake in Cytokinetics, selling 16,503 shares, bringing its total holdings down to 8,340 shares, valued at approximately $335,000.
• Multiple analysts have revised their target prices for Cytokinetics, with Bank of America lowering its price target from $62 to $54 and JPMorgan dropping theirs from $71 to $53, while maintaining a neutral or overweight rating.
• Cytokinetics reported a Q1 earnings per share of ($1.36), above expectations, but with revenue of $1.60 million falling short of analyst estimates of $2.77 million, despite a year-over-year increase of 89.1%.

Pacer Advisors Inc. trimmed its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 66.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,340 shares of the biopharmaceutical company's stock after selling 16,503 shares during the quarter. Pacer Advisors Inc.'s holdings in Cytokinetics were worth $335,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CYTK. T. Rowe Price Investment Management Inc. raised its position in shares of Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock valued at $505,780,000 after purchasing an additional 1,062,136 shares during the last quarter. Deep Track Capital LP increased its holdings in Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after buying an additional 1,870,094 shares during the period. Vestal Point Capital LP increased its holdings in Cytokinetics by 56.7% in the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock worth $110,544,000 after buying an additional 850,000 shares during the period. Marshall Wace LLP increased its holdings in Cytokinetics by 14.9% in the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company's stock worth $101,292,000 after buying an additional 279,612 shares during the period. Finally, Orbimed Advisors LLC increased its holdings in Cytokinetics by 106.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after buying an additional 817,099 shares during the period.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of analyst reports. Mizuho dropped their price objective on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. Bank of America dropped their price objective 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. Citigroup dropped their price objective on shares of Cytokinetics from $86.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Raymond James Financial initiated coverage on shares of Cytokinetics in a research note on Wednesday, July 30th. They set a "market perform" rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research note on Monday, June 9th. 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $70.92.

Insider Buying and Selling at Cytokinetics

In related news, Director Muna Bhanji sold 1,454 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $29.73, for a total value of $43,227.42. Following the sale, the director directly owned 23,510 shares in the company, valued at approximately $698,952.30. The trade was a 5.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $36.34, for a total transaction of $72,680.00. Following the completion of the sale, the executive vice president owned 140,610 shares in the company, valued at approximately $5,109,767.40. 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 90 days, insiders have sold 39,749 shares of company stock worth $1,350,617. Corporate insiders own 3.40% of the company's stock.

Cytokinetics Trading Down 3.8%

CYTK stock traded down $1.38 during midday trading on Wednesday, reaching $34.78. The stock had a trading volume of 665,018 shares, compared to its average volume of 1,745,605. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $59.39. The company's fifty day simple moving average is $34.64 and its 200 day simple moving average is $38.94. The company has a market cap of $4.15 billion, a price-to-earnings ratio of -6.57 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.41) by $0.05. The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $2.77 million. During the same quarter in the prior year, the firm earned ($1.33) EPS. The firm's revenue was up 89.1% on a year-over-year basis. Sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

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.