American Century Companies Inc. Trims Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

American Century Companies Inc. reduced its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 331,444 shares of the biopharmaceutical company’s stock after selling 84,410 shares during the quarter. American Century Companies Inc. owned approximately 0.32% of Cytokinetics worth $17,958,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. J.Safra Asset Management Corp grew its holdings in shares of Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares during the period. EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics in the 1st quarter valued at approximately $74,000. Bessemer Group Inc. increased its holdings in shares of Cytokinetics by 25,100.0% during the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,255 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Cytokinetics during the 2nd quarter valued at approximately $190,000. Finally, Kennedy Capital Management LLC purchased a new position in Cytokinetics in the first quarter worth approximately $224,000.

Cytokinetics Stock Down 3.3 %

Shares of NASDAQ:CYTK opened at $53.77 on Friday. Cytokinetics, Incorporated has a fifty-two week low of $25.98 and a fifty-two week high of $110.25. The firm’s 50 day moving average price is $56.26 and its 200 day moving average price is $59.38. The company has a quick ratio of 10.39, a current ratio of 10.39 and a debt-to-equity ratio of 5.93. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of -9.96 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The firm had revenue of $0.25 million for the quarter, compared to analyst estimates of $7.61 million. The company’s revenue was down 71.3% on a year-over-year basis. During the same period in the prior year, the business posted ($1.34) earnings per share. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director B Lynne Parshall sold 5,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.22, for a total value of $271,100.00. Following the transaction, the director now owns 20,600 shares in the company, valued at approximately $1,116,932. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Fady Ibraham Malik sold 7,384 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the sale, the executive vice president now owns 122,920 shares in the company, valued at $7,007,669.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.22, for a total value of $271,100.00. Following the completion of the sale, the director now directly owns 20,600 shares of the company’s stock, valued at $1,116,932. The disclosure for this sale can be found here. Insiders sold 107,837 shares of company stock valued at $6,018,383 in the last ninety days. Insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on CYTK shares. Truist Financial reduced their target price on Cytokinetics from $86.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, May 29th. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. HC Wainwright reissued a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a research note on Friday. B. Riley lowered their price objective on shares of Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. upped their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.67.

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.