Cytokinetics, Incorporated $CYTK Stake Lessened by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lessened its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 7.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,716,372 shares of the biopharmaceutical company’s stock after selling 1,364,124 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.14% of Cytokinetics worth $1,125,699,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CYTK. Bank of Montreal Can boosted its stake in Cytokinetics by 1.2% during the 4th quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after purchasing an additional 160 shares in the last quarter. Kennedy Capital Management LLC raised its stake in shares of Cytokinetics by 1.2% in the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock worth $838,000 after buying an additional 162 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cytokinetics by 46.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 171 shares in the last quarter. Vident Advisory LLC boosted its stake in Cytokinetics by 1.4% during the fourth quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after buying an additional 234 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in Cytokinetics by 6.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after acquiring an additional 239 shares during the period.

Insider Activity

In related news, EVP Andrew Callos sold 15,857 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $65.00, for a total transaction of $1,030,705.00. Following the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at approximately $3,806,075. The trade was a 21.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert I. Blum sold 7,500 shares of the stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $59.62, for a total value of $447,150.00. Following the completion of the sale, the chief executive officer directly owned 407,830 shares of the company’s stock, valued at approximately $24,314,824.60. This represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 113,739 shares of company stock worth $7,837,220. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CYTK. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytokinetics in a report on Monday, April 20th. Wells Fargo & Company boosted their target price on shares of Cytokinetics from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating and set a $119.00 target price on shares of Cytokinetics in a research note on Wednesday. Barclays raised their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a report on Wednesday. Two equities research 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.30.

Cytokinetics Stock Performance

Cytokinetics stock opened at $78.78 on Friday. Cytokinetics, Incorporated has a 52 week low of $31.99 and a 52 week high of $80.20. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of -11.52 and a beta of 0.42. The company has a 50 day moving average price of $71.19 and a 200 day moving average price of $66.28.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.67). The firm had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. Cytokinetics’s revenue for the quarter was up 1112.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.36) earnings per share. Equities analysts forecast that Cytokinetics, Incorporated will post -6.29 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.