Corebridge Financial Inc. Sells 9,835 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Corebridge Financial Inc. lowered its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 4.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 189,540 shares of the biopharmaceutical company’s stock after selling 9,835 shares during the period. Corebridge Financial Inc. owned about 0.16% of Cytokinetics worth $8,916,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after purchasing an additional 395,709 shares during the period. Checkpoint Capital L.P. boosted its holdings in shares of Cytokinetics by 145.7% during the third quarter. Checkpoint Capital L.P. now owns 466,813 shares of the biopharmaceutical company’s stock worth $24,648,000 after purchasing an additional 276,813 shares during the period. Two Sigma Advisers LP bought a new stake in shares of Cytokinetics in the third quarter worth about $11,336,000. Janus Henderson Group PLC increased its holdings in Cytokinetics by 17.2% during 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. Finally, Vanguard Group Inc. raised its position 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 during the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on CYTK shares. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Citigroup began coverage on Cytokinetics in a research report on Friday, February 7th. They set a “buy” rating and a $86.00 price objective on the stock. Stifel Nicolaus initiated coverage on Cytokinetics in a report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 target price on the stock. JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $42.99 on Friday. The firm’s 50-day moving average price is $45.80 and its 200-day moving average price is $49.67. Cytokinetics, Incorporated has a 52-week low of $40.53 and a 52-week high of $75.71. The company has a market cap of $5.09 billion, a PE ratio of -7.99 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.

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

Insider Activity at Cytokinetics

In other news, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $49.32, for a total transaction of $98,640.00. Following the transaction, the executive vice president now owns 116,071 shares in the company, valued at $5,724,621.72. This trade represents a 1.69 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert I. Blum sold 16,970 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total transaction of $737,176.80. Following the sale, the chief executive officer now directly owns 364,181 shares of the company’s stock, valued at approximately $15,820,022.64. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,834 shares of company stock worth $1,949,275. 3.40% of the stock is owned by insiders.

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.