Summit Securities Group LLC Lowers Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Summit Securities Group LLC decreased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 17,500 shares of the biopharmaceutical company’s stock after selling 4,600 shares during the period. Summit Securities Group LLC’s holdings in Cytokinetics were worth $823,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 154,216 shares in the last quarter. Geode Capital Management LLC grew its position 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 period. Charles Schwab Investment Management Inc. increased its holdings in Cytokinetics by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,189 shares of the biopharmaceutical company’s stock valued at $62,807,000 after buying an additional 13,798 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cytokinetics by 17.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock worth $60,399,000 after acquiring an additional 167,501 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Cytokinetics in the 4th quarter worth approximately $46,556,000.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Citigroup initiated coverage on Cytokinetics in a report on Friday, February 7th. They issued a “buy” rating and a $86.00 target price on the stock. Stifel Nicolaus started coverage on shares of Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price for the company. Royal Bank of Canada increased their price target on shares of Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, JMP Securities reiterated a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Two equities research 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. Based on data from MarketBeat, Cytokinetics currently has an average rating of “Moderate Buy” and an average target price of $82.00.

Insider Activity at Cytokinetics

In related news, EVP Andrew Callos sold 2,775 shares of Cytokinetics stock in a transaction on Monday, March 17th. The shares were sold at an average price of $44.38, for a total transaction of $123,154.50. Following the transaction, the executive vice president now owns 34,888 shares in the company, valued at approximately $1,548,329.44. The trade was a 7.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert I. Blum sold 16,970 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the completion of the sale, the chief executive officer now owns 364,181 shares of the company’s stock, valued at approximately $15,820,022.64. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,834 shares of company stock worth $1,949,275. Company insiders own 3.40% of the company’s stock.

Cytokinetics Stock Up 0.5 %

Shares of CYTK opened at $43.19 on Friday. The firm has a market cap of $5.11 billion, a PE ratio of -8.03 and a beta of 0.95. 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’s fifty day moving average is $45.75 and its two-hundred day moving average is $49.55. Cytokinetics, Incorporated has a fifty-two week low of $40.53 and a fifty-two week high of $75.71.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $14.26 million. 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.