Principal Financial Group Inc. Cuts Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Principal Financial Group Inc. trimmed its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 273,082 shares of the biopharmaceutical company’s stock after selling 120,497 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of Cytokinetics worth $14,419,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CYTK. Darwin Global Management Ltd. purchased a new stake in shares of Cytokinetics during the 2nd quarter valued at $246,074,000. Geode Capital Management LLC increased its stake in Cytokinetics by 4.0% during the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock worth $150,433,000 after acquiring an additional 109,938 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after purchasing an additional 395,709 shares during the period. Westfield Capital Management Co. LP lifted its stake in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in Cytokinetics by 17.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock worth $60,399,000 after purchasing an additional 167,501 shares in the last quarter.

Insider Transactions at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $55.61, for a total value of $278,050.00. Following the completion of the transaction, the chief executive officer now owns 397,456 shares in the company, valued at approximately $22,102,528.16. This represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the sale, the executive vice president now directly owns 118,920 shares in the company, valued at approximately $6,195,732. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,816 shares of company stock worth $3,923,463. 3.40% of the stock is currently owned by company insiders.

Cytokinetics Stock Down 2.4 %

CYTK stock opened at $47.36 on Friday. The firm has a market cap of $5.59 billion, a price-to-earnings ratio of -8.80 and a beta of 0.80. Cytokinetics, Incorporated has a 1-year low of $45.66 and a 1-year high of $110.25. The firm has a fifty day moving average price of $51.32 and a two-hundred day moving average price of $53.83. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same period in the previous year, the company posted ($1.35) earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. Research analysts predict that Cytokinetics, Incorporated will post -5.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada increased their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Monday, December 2nd. JPMorgan Chase & Co. increased their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics presently has an average rating of “Moderate Buy” and an average price target of $84.07.

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.