Principal Financial Group Inc. Reduces Stock Holdings in Cytokinetics, Incorporated $CYTK

Principal Financial Group Inc. cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,174,448 shares of the biopharmaceutical company’s stock after selling 10,357 shares during the period. Principal Financial Group Inc.’s holdings in Cytokinetics were worth $64,548,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CYTK. Geode Capital Management LLC raised its position in Cytokinetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 2,994,445 shares of the biopharmaceutical company’s stock worth $98,948,000 after acquiring an additional 56,961 shares during the last quarter. Vestal Point Capital LP increased its stake in shares of Cytokinetics by 14.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,975,000 shares of the biopharmaceutical company’s stock worth $98,294,000 after purchasing an additional 384,469 shares in the last quarter. Norges Bank acquired a new position in shares of Cytokinetics during the 2nd quarter worth approximately $39,122,000. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. lifted its stake in Cytokinetics by 571.2% in the 2nd quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. now owns 1,082,563 shares of the biopharmaceutical company’s stock valued at $35,768,000 after buying an additional 921,278 shares in the last quarter. Finally, Aberdeen Group plc grew its holdings in Cytokinetics by 53.2% during the 2nd quarter. Aberdeen Group plc now owns 922,929 shares of the biopharmaceutical company’s stock valued at $30,494,000 after buying an additional 320,508 shares during the last quarter.

Analyst Upgrades and Downgrades

CYTK has been the subject of a number of analyst reports. Barclays began coverage on Cytokinetics in a report on Wednesday, January 28th. They issued an “overweight” rating and a $87.00 price target for the company. Truist Financial boosted their target price on shares of Cytokinetics from $84.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday. Morgan Stanley set a $90.00 price target on shares of Cytokinetics in a research note on Thursday, January 8th. Citizens Jmp lifted their price target on shares of Cytokinetics from $78.00 to $88.00 and gave the stock a “market outperform” rating in a report on Monday, December 22nd. Finally, Citigroup reissued a “market outperform” rating on shares of Cytokinetics in a research note on Monday, December 22nd. Seventeen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.42.

Cytokinetics Trading Down 0.7%

CYTK stock opened at $64.73 on Wednesday. The company has a market cap of $7.91 billion, a PE ratio of -10.29 and a beta of 0.54. The stock has a 50-day moving average price of $63.72 and a two-hundred day moving average price of $55.23. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings data on Wednesday, November 5th. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, beating the consensus estimate of ($1.59) by $0.05. The firm had revenue of $1.94 million during the quarter, compared to analyst estimates of $6.05 million. During the same period in the prior year, the firm earned ($1.36) earnings per share. The business’s revenue for the quarter was up 318.1% on a year-over-year basis. Equities analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Activity

In other Cytokinetics news, Director John T. Henderson sold 8,750 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $63.90, for a total transaction of $559,125.00. Following the completion of the sale, the director directly owned 74,578 shares in the company, valued at $4,765,534.20. The trade was a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward M. Md Kaye sold 28,064 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $66.72, for a total transaction of $1,872,430.08. Following the completion of the sale, the director directly owned 9,977 shares of the company’s stock, valued at $665,665.44. The trade was a 73.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 148,760 shares of company stock valued at $9,694,837 over the last quarter. 3.40% of the stock is owned by insiders.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.