Principal Financial Group Inc. Has $25.32 Million Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Principal Financial Group Inc. boosted its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 132.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 629,911 shares of the biopharmaceutical company's stock after purchasing an additional 358,778 shares during the quarter. Principal Financial Group Inc. owned approximately 0.53% of Cytokinetics worth $25,316,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Jones Financial Companies Lllp raised its holdings in Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 374 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock worth $62,807,000 after purchasing an additional 13,798 shares during the last quarter. Arizona State Retirement System raised its stake in Cytokinetics by 1.9% during the fourth quarter. Arizona State Retirement System now owns 32,366 shares of the biopharmaceutical company's stock valued at $1,522,000 after buying an additional 600 shares in the last quarter. Raymond James Financial Inc. bought a new position in Cytokinetics during the 4th quarter worth approximately $254,000. Finally, AlphaQuest LLC grew its position in shares of Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 1,135 shares in the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of a number of research reports. UBS Group decreased their price objective on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Barclays lowered 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. Citigroup cut their target price on shares of Cytokinetics from $86.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Bank of America decreased their target price on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. dropped their price target on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research report on Monday, June 9th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.92.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $40.96, for a total value of $204,800.00. Following the completion of the sale, the chief executive officer directly owned 417,629 shares of the company's stock, valued at approximately $17,106,083.84. This represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wendall Wierenga sold 20,000 shares of Cytokinetics stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $38.46, for a total transaction of $769,200.00. Following the completion of the transaction, the director directly owned 24,848 shares in the company, valued at $955,654.08. This represents a 44.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,941 shares of company stock valued at $2,150,336. Corporate insiders own 2.70% of the company's stock.

Cytokinetics Stock Performance

Shares of CYTK stock traded up $0.42 during midday trading on Friday, reaching $37.01. 960,448 shares of the company were exchanged, compared to its average volume of 1,530,089. The company's 50 day moving average price is $32.73 and its two-hundred day moving average price is $40.13. The company has a market cap of $4.42 billion, a P/E ratio of -7.00 and a beta of 0.59. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $61.38.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its 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 firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. During the same period in the previous year, the firm earned ($1.33) EPS. Cytokinetics's revenue for the quarter was up 89.1% on a year-over-year basis. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

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.