Renaissance Technologies LLC Lowers Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Renaissance Technologies LLC cut its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 21.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,167 shares of the biopharmaceutical company's stock after selling 52,200 shares during the period. Renaissance Technologies LLC owned 0.16% of Cytokinetics worth $9,040,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Harvey Capital Management Inc. acquired a new position in shares of Cytokinetics in the fourth quarter valued at about $1,040,000. abrdn plc boosted its stake in shares of Cytokinetics by 29.4% in the fourth quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company's stock valued at $21,192,000 after buying an additional 102,457 shares during the period. AlphaQuest LLC increased its stake in Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 1,135 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 worth $560,520,000 after acquiring an additional 154,216 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Cytokinetics by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company's stock valued at $62,807,000 after acquiring an additional 13,798 shares in the last quarter.

Insider Buying and Selling at Cytokinetics

In related news, EVP Andrew Callos sold 2,775 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the transaction, the executive vice president now owns 34,888 shares of the company's stock, valued at approximately $1,548,329.44. This trade represents a 7.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $45.98, for a total value of $91,960.00. Following the sale, the executive vice president now directly owns 116,071 shares of the company's stock, valued at $5,336,944.58. This represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,360 shares of company stock valued at $3,643,645. Company insiders own 3.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Evercore ISI upgraded Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. JMP Securities restated a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a research note on Thursday, April 10th. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Tuesday, April 8th. HC Wainwright restated a "buy" rating and set a $120.00 price objective on shares of Cytokinetics in a research report on Monday. Finally, Morgan Stanley set a $67.00 price objective on Cytokinetics in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $81.63.

Cytokinetics Trading Up 3.8 %

Shares of NASDAQ:CYTK traded up $1.45 during midday trading on Wednesday, reaching $39.26. The company's stock had a trading volume of 230,209 shares, compared to its average volume of 1,601,743. The firm has a 50 day moving average price of $42.47 and a two-hundred day moving average price of $47.46. Cytokinetics, Incorporated has a fifty-two week low of $32.74 and a fifty-two week high of $68.76. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of -7.30 and a beta of 0.94. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.29) by $0.03. The business had revenue of $16.93 million for the quarter, compared to the consensus estimate of $14.26 million. As a group, analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

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.