Principal Financial Group Inc. Sells 197,556 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Principal Financial Group cut its Cytokinetics stake by 16.8%, selling 197,556 shares and now holds 976,892 shares (0.80% of the company) valued at about $62.07 million.
• Insiders have been net sellers, disposing of 169,976 shares worth roughly $10.71 million in the last three months — including EVP Andrew Callos and CEO Robert Blum — leaving insiders with 2.60% ownership.
• Cytokinetics reported quarterly EPS of ($1.67) in line with estimates while revenue surged 1,112.5% to $19.36 million; the stock trades near its 52-week high and has a consensus rating of Moderate Buy with an average target of $97.25.

Principal Financial Group Inc. lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 16.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 976,892 shares of the biopharmaceutical company's stock after selling 197,556 shares during the period. Principal Financial Group Inc. owned 0.80% of Cytokinetics worth $62,072,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Millennium Management LLC increased its stake in shares of Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company's stock valued at $11,571,000 after buying an additional 225,576 shares during the period. Cetera Investment Advisers lifted its stake in shares of Cytokinetics by 12.4% during the second quarter. Cetera Investment Advisers now owns 6,635 shares of the biopharmaceutical company's stock valued at $219,000 after acquiring an additional 731 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company's stock valued at $25,000 after acquiring an additional 673 shares during the period. Gabelli Funds LLC boosted its holdings in Cytokinetics by 29.4% in the second quarter. Gabelli Funds LLC now owns 8,410 shares of the biopharmaceutical company's stock valued at $278,000 after acquiring an additional 1,910 shares during the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Cytokinetics by 10.8% in the second quarter. California Public Employees Retirement System now owns 142,602 shares of the biopharmaceutical company's stock valued at $4,712,000 after acquiring an additional 13,911 shares during the last quarter.

Insiders Place Their Bets

In other news, EVP Andrew Callos sold 15,857 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $65.00, for a total value of $1,030,705.00. Following the completion of the transaction, the executive vice president owned 58,555 shares in the company, valued at $3,806,075. This represents a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the business's stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $59.62, for a total transaction of $447,150.00. Following the completion of the sale, the chief executive officer directly owned 407,830 shares in the company, valued at $24,314,824.60. This represents a 1.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,976 shares of company stock worth $10,710,369. Company insiders own 2.60% of the company's stock.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $74.29 on Friday. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $80.20. The stock has a market cap of $9.24 billion, a P/E ratio of -10.86 and a beta of 0.38. The firm has a 50 day moving average price of $64.21 and a 200 day moving average price of $63.86.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to the consensus estimate of $8.52 million. During the same period in the prior year, the business earned ($1.36) earnings per share. The company's revenue for the quarter was up 1112.5% compared to the same quarter last year. Analysts predict that Cytokinetics, Incorporated will post -6.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CYTK has been the subject of several recent research reports. Barclays boosted their price objective on Cytokinetics from $87.00 to $95.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. Jefferies Financial Group reiterated a "buy" rating and set a $90.00 price target on shares of Cytokinetics in a research report on Friday, January 9th. Truist Financial set a $106.00 price target on shares of Cytokinetics in a research note on Tuesday. Needham & Company LLC increased their price objective on shares of Cytokinetics from $85.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday. Finally, UBS Group set a $119.00 target price on shares of Cytokinetics in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $97.25.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company's most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.

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