Covestor Ltd Trims Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Covestor Ltd reduced its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 63.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 691 shares of the biopharmaceutical company’s stock after selling 1,204 shares during the quarter. Covestor Ltd’s holdings in Cytokinetics were worth $37,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. J.Safra Asset Management Corp increased its position in Cytokinetics by 642.3% during the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 456 shares in the last quarter. UMB Bank n.a. grew its position in shares of Cytokinetics by 65.6% in the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. grew its position in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after purchasing an additional 680 shares during the period. Values First Advisors Inc. purchased a new stake in shares of Cytokinetics in the third quarter valued at $54,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Cytokinetics in the first quarter valued at $74,000.

Insider Buying and Selling at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total transaction of $285,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $22,666,915.68. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at $1,283,207.75. This trade represents a 15.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,078 shares of company stock worth $3,261,369 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CYTK has been the subject of a number of recent analyst reports. Royal Bank of Canada initiated coverage on Cytokinetics in a research report on Friday, November 8th. They issued an “outperform” rating and a $80.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, October 17th. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.67.

Cytokinetics Trading Down 8.2 %

NASDAQ:CYTK opened at $50.22 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics, Incorporated has a one year low of $30.68 and a one year high of $110.25. The business’s 50-day simple moving average is $54.08 and its 200 day simple moving average is $55.30. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of -9.33 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same quarter in the prior year, the firm earned ($1.35) EPS. The firm’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, sell-side analysts predict that Cytokinetics, Incorporated will post -5.31 earnings per share for the current fiscal year.

Cytokinetics Company 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.