Intech Investment Management LLC Sells 14,564 Shares of Cytokinetics, Incorporated $CYTK

Intech Investment Management LLC cut its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 27.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,659 shares of the biopharmaceutical company’s stock after selling 14,564 shares during the period. Intech Investment Management LLC’s holdings in Cytokinetics were worth $2,125,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CYTK. Millennium Management LLC grew its stake in Cytokinetics by 361.9% in the 1st quarter. Millennium Management LLC now owns 287,901 shares of the biopharmaceutical company’s stock valued at $11,571,000 after buying an additional 225,576 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Cytokinetics by 21.2% during the second quarter. Envestnet Asset Management Inc. now owns 29,467 shares of the biopharmaceutical company’s stock worth $974,000 after acquiring an additional 5,146 shares during the period. Teacher Retirement System of Texas grew its position in shares of Cytokinetics by 1.1% in the second quarter. Teacher Retirement System of Texas now owns 30,514 shares of the biopharmaceutical company’s stock valued at $1,008,000 after purchasing an additional 341 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Cytokinetics by 2,872.7% during the second quarter. Hantz Financial Services Inc. now owns 1,308 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 1,264 shares during the period. Finally, Assetmark Inc. increased its stake in shares of Cytokinetics by 127.6% during the second quarter. Assetmark Inc. now owns 2,642 shares of the biopharmaceutical company’s stock worth $87,000 after purchasing an additional 1,481 shares during the period.

Analyst Ratings Changes

CYTK has been the topic of several recent research reports. Barclays assumed coverage on Cytokinetics in a research report on Wednesday, January 28th. They set an “overweight” rating and a $87.00 price objective on the stock. Bank of America restated a “neutral” rating on shares of Cytokinetics in a research report on Wednesday, February 25th. Citizens Jmp lifted their price target on shares of Cytokinetics from $88.00 to $96.00 and gave the company a “market outperform” rating in a research report on Wednesday, February 25th. JPMorgan Chase & Co. increased their price target on Cytokinetics from $70.00 to $74.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Finally, B. Riley Financial raised their price objective on Cytokinetics from $90.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, January 21st. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Insider Transactions at Cytokinetics

In related news, Director Wendell Wierenga sold 20,000 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $66.14, for a total transaction of $1,322,800.00. Following the completion of the sale, the director directly owned 32,444 shares in the company, valued at $2,145,846.16. This represents a 38.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Callos sold 52,486 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $65.95, for a total value of $3,461,451.70. Following the completion of the sale, the executive vice president directly owned 50,660 shares in the company, valued at $3,341,027. This trade represents a 50.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 110,221 shares of company stock valued at $7,101,425. Corporate insiders own 2.70% of the company’s stock.

Cytokinetics Trading Up 2.6%

Shares of Cytokinetics stock opened at $62.27 on Thursday. The company has a market cap of $7.67 billion, a PE ratio of -9.54 and a beta of 0.56. The company has a 50 day moving average of $64.04 and a 200-day moving average of $59.24. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $70.98.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.48) by ($0.02). The business had revenue of $17.76 million for the quarter, compared to analyst estimates of $8.02 million. During the same period in the prior year, the company posted ($1.26) EPS. Cytokinetics’s quarterly revenue was up 4.9% on a year-over-year basis. Research analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Cytokinetics Company Profile

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.