Allspring Global Investments Holdings LLC Trims Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Allspring Global Investments Holdings LLC reduced its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 9.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 84,021 shares of the biopharmaceutical company's stock after selling 9,278 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Cytokinetics worth $4,111,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CYTK. Van ECK Associates Corp raised its stake in Cytokinetics by 21.3% in the 3rd quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company's stock valued at $3,802,000 after acquiring an additional 12,565 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Cytokinetics by 38.9% in the third quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company's stock valued at $64,040,000 after purchasing an additional 339,373 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Cytokinetics by 42.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company's stock valued at $69,769,000 after buying an additional 395,709 shares in the last quarter. abrdn plc boosted its holdings in Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company's stock worth $21,192,000 after buying an additional 102,457 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Cytokinetics in the 3rd quarter valued at approximately $558,000.

Cytokinetics Price Performance

CYTK traded down $0.86 during trading on Friday, reaching $50.26. The stock had a trading volume of 2,169,437 shares, compared to its average volume of 1,607,616. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The business has a 50-day moving average of $47.26 and a 200-day moving average of $51.55. Cytokinetics, Incorporated has a one year low of $40.53 and a one year high of $81.36. The stock has a market cap of $5.93 billion, a PE ratio of -9.34 and a beta of 0.83.

Insider Activity

In related news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $50.76, for a total transaction of $253,800.00. Following the transaction, the chief executive officer now owns 397,678 shares of the company's stock, valued at approximately $20,186,135.28. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $50.16, for a total transaction of $366,168.00. Following the completion of the sale, the executive vice president now directly owns 111,878 shares of the company's stock, valued at $5,611,800.48. This represents a 6.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,122 shares of company stock worth $1,494,016. 3.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a report on Friday, February 7th. Morgan Stanley raised Cytokinetics from an "equal weight" rating to an "overweight" rating and dropped their price objective for the stock from $70.00 to $67.00 in a report on Thursday, February 13th. Mizuho lifted their target price on Cytokinetics from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Thursday, November 21st. Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. Finally, HC Wainwright restated a "buy" rating and issued a $120.00 price objective on shares of Cytokinetics in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Cytokinetics currently has an average rating of "Moderate Buy" and an average target price of $82.00.

Cytokinetics Company Profile

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.