Pinnacle Associates Ltd. Has $10.87 Million Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Key Points

• Pinnacle Associates Ltd. reduced its stock position in Cytokinetics by 5.3%, holding approximately 270,435 shares valued at $10.87 million as of its latest SEC filing.
• Vanguard Group and T. Rowe Price significantly increased their investments in Cytokinetics, with Vanguard acquiring a total of 11.9 million shares valued at $560.5 million and T. Rowe Price adding 1.06 million shares for a total of 10.75 million shares.
• Wall Street analysts have mostly rated Cytokinetics with a "buy" consensus, with an average price target of $70.92, while some firms have lowered their price objectives on the stock recently.

Pinnacle Associates Ltd. lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 5.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,435 shares of the biopharmaceutical company's stock after selling 15,097 shares during the period. Pinnacle Associates Ltd. owned 0.23% of Cytokinetics worth $10,869,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 291 shares during the last quarter. Parallel Advisors LLC raised its position 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 valued at $44,000 after acquiring an additional 916 shares during the last quarter. GAMMA Investing LLC raised its position 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 valued at $45,000 after acquiring an additional 826 shares during the last quarter. UMB Bank n.a. raised its position in shares of Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 552 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Cytokinetics during the 4th quarter valued at $87,000.

Analyst Ratings Changes

CYTK has been the subject of several recent research reports. HC Wainwright reiterated a "buy" rating and set a $120.00 target price on shares of Cytokinetics in a research report on Monday, April 21st. Cantor Fitzgerald upgraded shares of Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. Needham & Company LLC reiterated a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research report on Wednesday, May 14th. UBS Group reduced their target price on Cytokinetics from $47.00 to $41.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Finally, Bank of America lowered their price target on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Cytokinetics presently has an average rating of "Moderate Buy" and a consensus target price of $70.92.

Cytokinetics Stock Performance

Shares of CYTK remained flat at $37.18 during mid-day trading on Monday. 198,317 shares of the stock traded hands, compared to its average volume of 1,766,894. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $61.27. The stock has a 50 day moving average of $33.86 and a 200-day moving average of $39.36. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of -7.02 and a beta of 0.59.

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

Insider Transactions at Cytokinetics

In other Cytokinetics news, Director Muna Bhanji sold 1,454 shares of the firm's stock in a transaction that occurred on 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 owned 23,510 shares in the company, valued at $698,952.30. This trade represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $37.47, for a total transaction of $74,940.00. Following the completion of the sale, the executive vice president owned 140,610 shares in the company, valued at $5,268,656.70. This represents a 1.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,751 shares of company stock valued at $1,447,281. 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.