Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 30.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 273,082 shares of the biopharmaceutical company's stock after selling 120,497 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Cytokinetics worth $14,419,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in Cytokinetics by 2,470.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 87,812 shares of the biopharmaceutical company's stock valued at $4,758,000 after acquiring an additional 84,396 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cytokinetics by 14.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,094 shares of the biopharmaceutical company's stock worth $1,197,000 after buying an additional 2,756 shares during the last quarter. Van ECK Associates Corp increased its position in Cytokinetics by 2.1% during the 2nd quarter. Van ECK Associates Corp now owns 59,126 shares of the biopharmaceutical company's stock valued at $3,203,000 after buying an additional 1,233 shares in the last quarter. nVerses Capital LLC purchased a new stake in Cytokinetics in the second quarter valued at about $190,000. Finally, Lisanti Capital Growth LLC boosted its holdings in Cytokinetics by 119.9% in the second quarter. Lisanti Capital Growth LLC now owns 39,155 shares of the biopharmaceutical company's stock worth $2,121,000 after acquiring an additional 21,350 shares in the last quarter.

Insider Buying and Selling

In other news, Director Wendall Wierenga sold 742 shares of the company's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $48.61, for a total transaction of $36,068.62. Following the completion of the transaction, the director now directly owns 24,559 shares of the company's stock, valued at $1,193,812.99. This represents a 2.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the transaction, the executive vice president now owns 118,920 shares in the company, valued at $6,195,732. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,816 shares of company stock valued at $3,923,463. 3.40% of the stock is owned by company insiders.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK traded down $1.18 during trading on Friday, hitting $47.36. 902,039 shares of the stock traded hands, compared to its average volume of 1,970,578. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The company has a fifty day moving average price of $51.32 and a two-hundred day moving average price of $53.83. Cytokinetics, Incorporated has a 52-week low of $45.66 and a 52-week high of $110.25. The company has a market cap of $5.59 billion, a price-to-earnings ratio of -8.80 and a beta of 0.80.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.09). The business had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. During the same period last year, the firm earned ($1.35) earnings per share. The business's quarterly revenue was up 22.5% compared to the same quarter last year. As a group, equities analysts predict that Cytokinetics, Incorporated will post -5.25 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on CYTK shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 price objective on shares of Cytokinetics in a research report on Monday, December 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Cytokinetics in a report on Friday, October 18th. JPMorgan Chase & Co. lifted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an "overweight" rating in a research note on Thursday, September 5th. Royal Bank of Canada upped 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, JMP Securities reaffirmed a "market outperform" rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Cytokinetics presently has an average rating of "Moderate Buy" and an average target price of $84.07.

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.