Bellevue Group AG Lowers Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Bellevue Group AG reduced its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 17.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,640 shares of the biopharmaceutical company’s stock after selling 3,260 shares during the quarter. Bellevue Group AG’s holdings in Cytokinetics were worth $1,097,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CYTK. Vanguard Group Inc. lifted its holdings in Cytokinetics by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 11,016,889 shares of the biopharmaceutical company’s stock worth $919,800,000 after purchasing an additional 273,565 shares in the last quarter. First Turn Management LLC purchased a new stake in shares of Cytokinetics during the 4th quarter worth approximately $67,414,000. Charles Schwab Investment Management Inc. raised its holdings in Cytokinetics by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 789,969 shares of the biopharmaceutical company’s stock valued at $65,955,000 after buying an additional 33,257 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Cytokinetics during the 1st quarter valued at $51,277,000. Finally, Norges Bank purchased a new stake in Cytokinetics during the 4th quarter valued at $60,299,000.

Cytokinetics Stock Down 3.0 %

NASDAQ CYTK traded down $1.77 during mid-day trading on Monday, hitting $57.92. The stock had a trading volume of 607,266 shares, compared to its average volume of 2,517,552. Cytokinetics, Incorporated has a 52-week low of $25.98 and a 52-week high of $110.25. The company has a market cap of $6.07 billion, a price-to-earnings ratio of -11.05 and a beta of 0.75. The company has a 50 day simple moving average of $53.99 and a 200 day simple moving average of $65.60.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $0.91 million. The business’s quarterly revenue was down 81.8% compared to the same quarter last year. During the same period last year, the firm earned ($1.38) earnings per share. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -4.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CYTK shares. Raymond James decreased their price target on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. Bank of America reduced their price objective on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, May 23rd. Needham & Company LLC dropped their price objective on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 23rd. JPMorgan Chase & Co. dropped their price objective on Cytokinetics from $77.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. Finally, JMP Securities dropped their price target on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $77.06.

Insiders Place Their Bets

In related news, CAO Robert Wong sold 13,011 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the transaction, the chief accounting officer now owns 16,653 shares in the company, valued at $813,998.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cytokinetics news, CAO Robert Wong sold 13,011 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.88, for a total value of $635,977.68. Following the completion of the sale, the chief accounting officer now directly owns 16,653 shares in the company, valued at $813,998.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $57.02, for a total value of $416,246.00. Following the sale, the executive vice president now owns 129,004 shares of the company’s stock, valued at approximately $7,355,808.08. The disclosure for this sale can be found here. Insiders have sold a total of 145,079 shares of company stock worth $7,814,083 over the last quarter. 3.40% of the stock is owned by corporate insiders.

About Cytokinetics

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.