Russell Investments Group Ltd. Lowers Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Russell Investments Group Ltd. reduced its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 12.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 252,122 shares of the biopharmaceutical company's stock after selling 37,435 shares during the quarter. Russell Investments Group Ltd. owned 0.26% of Cytokinetics worth $21,050,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. increased its position in shares of Cytokinetics by 96.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,463 shares of the biopharmaceutical company's stock valued at $73,000 after purchasing an additional 1,209 shares during the period. GAMMA Investing LLC bought a new stake in Cytokinetics in the 4th quarter valued at $80,000. Caprock Group LLC acquired a new position in shares of Cytokinetics in the 4th quarter valued at $216,000. PNC Financial Services Group Inc. lifted its holdings in shares of Cytokinetics by 4.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,373 shares of the biopharmaceutical company's stock worth $217,000 after acquiring an additional 340 shares during the period. Finally, HighTower Advisors LLC boosted its position in shares of Cytokinetics by 5.1% during the 3rd quarter. HighTower Advisors LLC now owns 8,868 shares of the biopharmaceutical company's stock valued at $261,000 after acquiring an additional 434 shares in the last quarter.

Insiders Place Their Bets

In other news, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the sale, the director now directly owns 32,070 shares of the company's stock, valued at $2,069,797.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cytokinetics news, EVP Fady Ibraham Malik sold 32,605 shares of Cytokinetics stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $74.31, for a total transaction of $2,422,877.55. Following the transaction, the executive vice president now directly owns 138,567 shares of the company's stock, valued at approximately $10,296,913.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Henderson sold 10,562 shares of the company's stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the completion of the sale, the director now owns 32,070 shares in the company, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders sold a total of 113,376 shares of company stock valued at $8,275,252 in the last 90 days. Corporate insiders own 3.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on CYTK shares. HC Wainwright restated a "buy" rating and set a $94.00 price target on shares of Cytokinetics in a research note on Wednesday, February 28th. UBS Group cut Cytokinetics from a "buy" rating to a "neutral" rating and upped their price target for the company from $61.00 to $92.00 in a research report on Wednesday, January 24th. Truist Financial reiterated a "buy" rating and issued a $86.00 price target on shares of Cytokinetics in a research note on Monday, April 8th. Mizuho reduced their price target on Cytokinetics from $103.00 to $99.00 and set a "buy" rating for the company in a research note on Wednesday, March 6th. Finally, Oppenheimer reissued an "outperform" rating and issued a $107.00 price objective on shares of Cytokinetics in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $79.33.

Cytokinetics Stock Performance

Shares of Cytokinetics stock traded up $0.93 during midday trading on Friday, hitting $65.27. 900,182 shares of the company traded hands, compared to its average volume of 2,806,893. The stock has a market cap of $6.83 billion, a price-to-earnings ratio of -11.98 and a beta of 0.72. The firm's fifty day moving average price is $68.82 and its 200-day moving average price is $60.60. Cytokinetics, Incorporated has a 12 month low of $25.98 and a 12 month high of $110.25.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its earnings results on Tuesday, February 27th. The biopharmaceutical company reported ($1.38) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.35). The business had revenue of $1.70 million for the quarter, compared to analysts' expectations of $7.62 million. During the same quarter in the previous year, the firm posted ($1.45) earnings per share. The business's revenue was down 10.5% on a year-over-year basis. Equities research analysts forecast that Cytokinetics, Incorporated will post -4.5 earnings per share for the current year.

Cytokinetics 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.