Cytokinetics, Incorporated $CYTK Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD decreased its stake in Cytokinetics by 24% in the first quarter, selling 631,185 shares and owning 1,993,896 shares valued at approximately $80.1 million.
• Other large investors also changed their positions, with Deep Track Capital LP increasing its stake by 296.9% in the fourth quarter, now owning 2,500,000 shares worth $117.6 million.
• Cytokinetics reported earnings of ($1.12) per share, surpassing analyst expectations, as its revenue surged by 26,727.3% year-over-year to $66.77 million.

Price T Rowe Associates Inc. MD trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 24.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,993,896 shares of the biopharmaceutical company's stock after selling 631,185 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.67% of Cytokinetics worth $80,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp increased its holdings in shares of 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 acquiring an additional 291 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Cytokinetics by 500.5% in 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 increased its holdings in shares of Cytokinetics by 281.0% in 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. increased its holdings in shares of 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 acquiring an additional 552 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Cytokinetics by 11,510.0% in the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after acquiring an additional 1,151 shares during the last quarter.

Cytokinetics Stock Down 1.3%

CYTK stock traded down $0.48 during trading on Thursday, reaching $37.35. 2,161,695 shares of the company's stock were exchanged, compared to its average volume of 1,589,721. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39. The company's fifty day moving average price is $36.14 and its 200-day moving average price is $37.73. The firm has a market cap of $4.47 billion, a PE ratio of -7.32 and a beta of 0.64.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a report on Wednesday, May 14th. Citigroup lowered their price objective on Cytokinetics from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Friday, August 8th. UBS Group lowered their price objective on Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. JPMorgan Chase & Co. lowered their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research note on Monday, June 9th. Finally, Royal Bank Of Canada lowered their price objective on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $71.58.

Insiders Place Their Bets

In other news, EVP Andrew Callos sold 8,659 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president owned 52,028 shares in the company, valued at $1,666,977.12. This represents a 14.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $38.15, for a total value of $190,750.00. Following the completion of the sale, the chief executive officer owned 393,108 shares of the company's stock, valued at approximately $14,997,070.20. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,295 shares of company stock worth $1,384,010. Insiders own 2.70% of the company's stock.

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.