Principal Financial Group Inc. Sells 120,497 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Principal Financial Group Inc. lowered its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 30.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 273,082 shares of the biopharmaceutical company's stock after selling 120,497 shares during the period. Principal Financial Group Inc. owned 0.23% of Cytokinetics worth $14,419,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. J.Safra Asset Management Corp increased its holdings in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company's stock worth $29,000 after acquiring an additional 456 shares during the last quarter. UMB Bank n.a. boosted its position in Cytokinetics by 65.6% during the third quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company's stock worth $32,000 after purchasing an additional 238 shares during the period. Blue Trust Inc. increased its holdings in shares of Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 680 shares during the last quarter. Values First Advisors Inc. bought a new position in shares of Cytokinetics in the third quarter valued at about $54,000. Finally, EntryPoint Capital LLC bought a new position in shares of Cytokinetics in the first quarter valued at about $74,000.

Insider Activity

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of Cytokinetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $57.03, for a total value of $285,150.00. Following the transaction, the chief executive officer now owns 397,456 shares in the company, valued at $22,666,915.68. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Fady Ibraham Malik sold 7,300 shares of the business's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $52.10, for a total value of $380,330.00. Following the transaction, the executive vice president now directly owns 118,920 shares of the company's stock, valued at approximately $6,195,732. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,078 shares of company stock worth $3,261,369. Insiders own 3.40% of the company's stock.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded down $4.48 during midday trading on Friday, hitting $50.22. The stock had a trading volume of 2,342,465 shares, compared to its average volume of 2,063,349. The company's 50-day moving average price is $54.08 and its 200-day moving average price is $55.30. Cytokinetics, Incorporated has a fifty-two week low of $30.68 and a fifty-two week high of $110.25. 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 market capitalization of $5.93 billion, a P/E ratio of -9.33 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($0.09). The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $1.21 million. During the same quarter last year, the business earned ($1.35) earnings per share. Cytokinetics's revenue was up 22.5% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CYTK has been the subject of several research analyst reports. Royal Bank of Canada began coverage on shares of Cytokinetics in a report on Friday, November 8th. They set an "outperform" rating and a $80.00 target price for the company. The Goldman Sachs Group downgraded Cytokinetics from a "buy" rating to a "neutral" rating and decreased their target price for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Cytokinetics in a research note on Friday, October 18th. HC Wainwright restated a "buy" rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Thursday, November 7th. Finally, JMP Securities reiterated a "market outperform" rating and set a $78.00 price objective 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.67.

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.