Cytokinetics, Incorporated (NASDAQ:CYTK) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 21.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 192,167 shares of the biopharmaceutical company’s stock after selling 52,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.16% of Cytokinetics worth $9,040,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvey Capital Management Inc. bought a new stake in Cytokinetics during the fourth quarter valued at $1,040,000. abrdn plc grew its position in shares of Cytokinetics by 29.4% during the 4th 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 last quarter. AlphaQuest LLC raised its stake in Cytokinetics by 113,500.0% during the fourth 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. lifted its holdings in Cytokinetics by 1.3% in the fourth 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 last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 acquiring an additional 13,798 shares during the period.

Analyst Ratings Changes

A number of analysts have recently weighed in on CYTK shares. Stifel Nicolaus initiated coverage on Cytokinetics in a research report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price target on the stock. Evercore ISI raised shares of Cytokinetics to a “strong-buy” rating in a report on Friday, February 7th. Morgan Stanley set a $67.00 price objective on shares of Cytokinetics in a report on Friday, March 7th. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Tuesday, April 8th. Finally, HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research note on Tuesday. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $81.63.

Cytokinetics Stock Performance

Cytokinetics stock opened at $39.48 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The company has a market cap of $4.71 billion, a P/E ratio of -7.34 and a beta of 0.94. Cytokinetics, Incorporated has a fifty-two week low of $32.74 and a fifty-two week high of $68.76. The firm’s 50 day simple moving average is $42.68 and its 200-day simple moving average is $47.84.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $14.26 million. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.06, for a total transaction of $96,120.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares in the company, valued at approximately $5,578,372.26. This trade represents a 1.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, the executive vice president now directly owns 34,888 shares of the company’s stock, valued at $1,548,329.44. This trade represents a 7.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,360 shares of company stock worth $2,890,065. 3.40% of the stock is currently owned by company 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.