Alliancebernstein L.P. Lowers Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Alliancebernstein L.P. trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,595,324 shares of the biopharmaceutical company's stock after selling 65,690 shares during the period. Alliancebernstein L.P. owned approximately 1.35% of Cytokinetics worth $75,044,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cytokinetics in the fourth quarter valued at approximately $46,556,000. Two Sigma Advisers LP acquired a new stake in Cytokinetics in the 3rd quarter valued at $11,336,000. Janus Henderson Group PLC grew its position in Cytokinetics by 17.2% in the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company's stock valued at $60,399,000 after purchasing an additional 167,501 shares during the period. Vanguard Group Inc. increased its stake in Cytokinetics by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock valued at $560,520,000 after purchasing an additional 154,216 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Cytokinetics by 4.0% during the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company's stock worth $150,433,000 after buying an additional 109,938 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently commented on CYTK shares. Needham & Company LLC reissued a "buy" rating and set a $72.00 target price on shares of Cytokinetics in a research report on Tuesday. Evercore ISI raised Cytokinetics to a "strong-buy" rating in a report on Friday, February 7th. JMP Securities reissued a "market outperform" rating and issued a $78.00 price objective on shares of Cytokinetics in a research note on Friday, February 7th. Royal Bank of Canada lifted their target price on Cytokinetics from $80.00 to $82.00 and gave the company an "outperform" rating in a research report on Wednesday, December 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $82.00.

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Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded up $0.97 during mid-day trading on Tuesday, reaching $36.96. The company had a trading volume of 1,026,425 shares, compared to its average volume of 1,550,193. Cytokinetics, Incorporated has a one year low of $34.19 and a one year high of $75.71. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93. The company's 50-day moving average price is $44.65 and its 200-day moving average price is $48.80. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of -6.89 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last issued its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. As a group, equities research analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Activity at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total transaction of $96,120.00. Following the sale, the executive vice president now owns 116,071 shares of the company's stock, valued at $5,578,372.26. The trade was a 1.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Andrew Callos sold 2,886 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $35.78, for a total value of $103,261.08. Following the completion of the transaction, the executive vice president now directly owns 64,689 shares of the company's stock, valued at $2,314,572.42. The trade was a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 60,170 shares of company stock worth $2,582,889. Company insiders own 3.40% of the company's stock.

Cytokinetics 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.