Cytokinetics, Incorporated $CYTK Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 168,586 shares of the biopharmaceutical company’s stock after selling 11,064 shares during the quarter. Legal & General Group Plc owned approximately 0.14% of Cytokinetics worth $10,712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CYTK. EverSource Wealth Advisors LLC raised its holdings in Cytokinetics by 723.7% during the second quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after purchasing an additional 673 shares in the last quarter. Quarry LP purchased a new position in shares of Cytokinetics during the third quarter worth approximately $30,000. TD Waterhouse Canada Inc. purchased a new position in shares of Cytokinetics during the fourth quarter worth approximately $32,000. Advisory Services Network LLC purchased a new position in shares of Cytokinetics during the third quarter worth approximately $32,000. Finally, Johnson Financial Group Inc. purchased a new position in shares of Cytokinetics during the third quarter worth approximately $40,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CYTK. Wall Street Zen upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Stifel Nicolaus raised their target price on shares of Cytokinetics from $98.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Barclays raised their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Needham & Company LLC raised their target price on shares of Cytokinetics from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.30.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 12,033 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $747,850.95. Following the transaction, the executive vice president directly owned 153,902 shares in the company, valued at $9,565,009.30. This trade represents a 7.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert I. Blum sold 36,601 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total transaction of $2,274,752.15. Following the completion of the transaction, the chief executive officer owned 430,330 shares in the company, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 181,909 shares of company stock worth $11,969,996 in the last three months. Insiders own 2.60% of the company’s stock.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $70.71 on Thursday. The firm’s fifty day moving average price is $69.55 and its 200 day moving average price is $65.87. Cytokinetics, Incorporated has a 1-year low of $31.52 and a 1-year high of $80.20. The firm has a market cap of $8.80 billion, a price-to-earnings ratio of -10.34 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share for the quarter, meeting analysts’ consensus estimates of ($1.67). The firm had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. During the same quarter last year, the business earned ($1.36) earnings per share. The business’s quarterly revenue was up 1112.5% on a year-over-year basis. As a group, analysts expect that Cytokinetics, Incorporated will post -6.27 earnings per share for the current fiscal year.

About Cytokinetics

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.