Cytokinetics, Incorporated $CYTK Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,093,485 shares of the biopharmaceutical company’s stock after purchasing an additional 116,593 shares during the quarter. Principal Financial Group Inc. owned 0.88% of Cytokinetics worth $72,072,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in Cytokinetics by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 12,048,131 shares of the biopharmaceutical company’s stock worth $765,538,000 after acquiring an additional 191,336 shares in the last quarter. State Street Corp lifted its position in shares of Cytokinetics by 3.7% during the fourth quarter. State Street Corp now owns 5,825,295 shares of the biopharmaceutical company’s stock worth $370,139,000 after purchasing an additional 207,961 shares in the last quarter. Deep Track Capital LP lifted its position in shares of Cytokinetics by 17.8% during the third quarter. Deep Track Capital LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $236,328,000 after purchasing an additional 650,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cytokinetics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,056,017 shares of the biopharmaceutical company’s stock valued at $194,214,000 after purchasing an additional 15,815 shares during the period. Finally, Vestal Point Capital LP grew its holdings 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 valued at $98,294,000 after purchasing an additional 384,469 shares in the last quarter.

Insider Activity

In related news, EVP Andrew Callos sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $85.80, for a total value of $1,287,000.00. Following the completion of the transaction, the executive vice president directly owned 58,555 shares of the company’s stock, valued at $5,024,019. This represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $74.08, for a total transaction of $370,400.00. Following the sale, the director directly owned 15,784 shares in the company, valued at approximately $1,169,278.72. The trade was a 24.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 135,536 shares of company stock valued at $10,046,609 over the last 90 days. Insiders own 2.60% of the company’s stock.

Cytokinetics Trading Down 2.7%

Cytokinetics stock opened at $80.36 on Friday. The company has a fifty day simple moving average of $77.99 and a 200-day simple moving average of $69.10. The stock has a market cap of $10.00 billion, a P/E ratio of -11.75 and a beta of 0.42. Cytokinetics, Incorporated has a 12-month low of $32.89 and a 12-month high of $88.31.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) EPS for the quarter, meeting the consensus estimate of ($1.67). The business had revenue of $19.36 million during the quarter, compared to analysts’ expectations of $8.52 million. The business’s quarterly revenue was up 1112.5% compared to the same quarter last year. During the same period last year, the company earned ($1.36) EPS. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -6.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Mizuho increased their target price on shares of Cytokinetics from $100.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, June 24th. Needham & Company LLC restated a “buy” rating and issued a $102.00 price target on shares of Cytokinetics in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytokinetics in a research report on Monday, April 20th. Morgan Stanley increased their price objective on Cytokinetics from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, HC Wainwright boosted their target price on Cytokinetics from $136.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.90.

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.