TD Asset Management Inc Sells 77,806 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

TD Asset Management Inc lessened its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 14.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 446,828 shares of the biopharmaceutical company's stock after selling 77,806 shares during the period. TD Asset Management Inc owned 0.37% of Cytokinetics worth $17,958,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CYTK. Fifth Third Bancorp lifted its stake in Cytokinetics by 42.2% during the first quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 291 shares during the last quarter. State of Michigan Retirement System lifted its stake in Cytokinetics by 1.1% during the first quarter. State of Michigan Retirement System now owns 28,200 shares of the biopharmaceutical company's stock valued at $1,133,000 after purchasing an additional 300 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Cytokinetics by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 33,100 shares of the biopharmaceutical company's stock valued at $1,330,000 after purchasing an additional 300 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Cytokinetics by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 13,820 shares of the biopharmaceutical company's stock valued at $555,000 after purchasing an additional 365 shares during the last quarter. Finally, Harvey Capital Management Inc. lifted its stake in Cytokinetics by 2.1% during the first quarter. Harvey Capital Management Inc. now owns 22,580 shares of the biopharmaceutical company's stock valued at $907,000 after purchasing an additional 475 shares during the last quarter.

Cytokinetics Stock Down 2.5%

Shares of CYTK stock traded down $0.95 during trading on Friday, reaching $36.69. The company's stock had a trading volume of 1,088,724 shares, compared to its average volume of 1,758,202. The business has a fifty day moving average price of $34.29 and a 200-day moving average price of $39.19. The company has a market cap of $4.38 billion, a price-to-earnings ratio of -6.94 and a beta of 0.59. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $59.39.

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

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $37.47, for a total value of $74,940.00. Following the transaction, the executive vice president directly owned 140,610 shares in the company, valued at approximately $5,268,656.70. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $36.45, for a total transaction of $182,250.00. Following the completion of the transaction, the chief executive officer owned 388,108 shares in the company, valued at $14,146,536.60. This trade represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,751 shares of company stock valued at $1,424,731 in the last three months. Insiders own 2.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CYTK shares. JPMorgan Chase & Co. reduced their price target on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Bank of America reduced their price target on shares of Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. UBS Group reduced their price target on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Citigroup reduced their price target on shares of Cytokinetics from $86.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, HC Wainwright restated a "buy" rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday, April 21st. Four research 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $70.92.

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.