Vanguard Group Inc. Sells 127,043 Shares of Cytokinetics, Incorporated $CYTK

Vanguard Group Inc. lowered its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,856,795 shares of the biopharmaceutical company’s stock after selling 127,043 shares during the period. Vanguard Group Inc. owned approximately 9.91% of Cytokinetics worth $651,649,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CYTK. Norges Bank bought a new stake in Cytokinetics during the 2nd quarter valued at $39,122,000. Frazier Life Sciences Management L.P. purchased a new position in shares of Cytokinetics during the 2nd quarter valued at $18,328,000. Rosalind Advisors Inc. bought a new position in shares of Cytokinetics in the second quarter worth $13,216,000. Vestal Point Capital LP raised its position in shares of Cytokinetics by 14.8% in the second quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after buying an additional 384,469 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Cytokinetics by 1,639.2% during the second quarter. AQR Capital Management LLC now owns 347,739 shares of the biopharmaceutical company’s stock valued at $11,489,000 after buying an additional 327,745 shares during the period.

Cytokinetics Stock Up 0.5%

CYTK opened at $68.26 on Tuesday. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of -10.85 and a beta of 0.54. Cytokinetics, Incorporated has a twelve month low of $29.31 and a twelve month high of $70.98. The firm has a 50 day moving average price of $63.98 and a 200-day moving average price of $58.07.

Insider Buying and Selling

In other Cytokinetics news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $66.14, for a total value of $1,322,800.00. Following the completion of the sale, the director owned 32,444 shares in the company, valued at $2,145,846.16. This represents a 38.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Edward M. Md Kaye sold 28,064 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $66.72, for a total value of $1,872,430.08. Following the completion of the transaction, the director directly owned 9,977 shares in the company, valued at $665,665.44. This trade represents a 73.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 151,385 shares of company stock valued at $9,817,158 in the last 90 days. 3.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CYTK. Barclays initiated coverage on Cytokinetics in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 target price on the stock. HC Wainwright increased their target price on shares of Cytokinetics from $120.00 to $136.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Royal Bank Of Canada boosted their price objective on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Finally, Needham & Company LLC lifted their price target on shares of Cytokinetics from $72.00 to $84.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.28.

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.