UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 351,506 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 52.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 315,250 shares of the biopharmaceutical company’s stock after selling 351,506 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Cytokinetics were worth $14,829,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Harvey Capital Management Inc. bought a new position in Cytokinetics in the 4th quarter valued at approximately $1,040,000. Raymond James Financial Inc. bought a new position in Cytokinetics in the 4th quarter valued at approximately $254,000. abrdn plc lifted its position in Cytokinetics by 29.4% in the 4th quarter. abrdn plc now owns 450,513 shares of the biopharmaceutical company’s stock valued at $21,192,000 after acquiring an additional 102,457 shares in the last quarter. AlphaQuest LLC lifted its position in Cytokinetics by 113,500.0% in the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 1,135 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Cytokinetics by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company’s stock valued at $560,520,000 after acquiring an additional 154,216 shares in the last quarter.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $31.32 on Friday. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $61.38. The stock’s fifty day moving average is $36.46 and its 200 day moving average is $43.84. The stock has a market cap of $3.74 billion, a P/E ratio of -5.82 and a beta of 0.81. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.05. The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.77 million. During the same period in the prior year, the business posted ($1.33) earnings per share. Cytokinetics’s revenue for the quarter was up 89.1% compared to the same quarter last year. Sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on CYTK. JMP Securities reaffirmed a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a research report on Thursday, April 10th. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research note on Friday, February 7th. Bank of America decreased their target price on shares of Cytokinetics from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald upgraded shares of Cytokinetics to a “strong-buy” rating in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Cytokinetics has a consensus rating of “Moderate Buy” and a consensus target price of $73.71.

Insider Buying and Selling

In other Cytokinetics news, Director Muna Bhanji sold 1,454 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the sale, the director now directly owns 23,510 shares of the company’s stock, valued at $698,952.30. This trade represents a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andrew Callos sold 2,775 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $44.38, for a total value of $123,154.50. Following the sale, the executive vice president now directly owns 34,888 shares in the company, valued at approximately $1,548,329.44. This represents a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,816 shares of company stock valued at $3,850,385. 2.70% of the stock is owned by company insiders.

Cytokinetics 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.