Summit Securities Group LLC Cuts Stock Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Summit Securities Group LLC lessened its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 20.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,500 shares of the biopharmaceutical company’s stock after selling 4,600 shares during the quarter. Summit Securities Group LLC’s holdings in Cytokinetics were worth $823,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Cytokinetics in the fourth quarter worth about $29,000. AlphaQuest LLC boosted its position 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 last quarter. J.Safra Asset Management Corp grew its stake in Cytokinetics by 62.1% during the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 671 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Cytokinetics by 85.8% in the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock worth $86,000 after purchasing an additional 842 shares in the last quarter.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the completion of the sale, the executive vice president now directly owns 116,071 shares of the company’s stock, valued at approximately $5,329,980.32. This represents a 1.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert I. Blum sold 12,648 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $44.38, for a total value of $561,318.24. Following the transaction, the chief executive officer now directly owns 326,533 shares in the company, valued at approximately $14,491,534.54. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,834 shares of company stock worth $1,949,275 over the last 90 days. 3.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CYTK. Evercore ISI upgraded Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Citigroup started coverage on Cytokinetics in a research note on Friday, February 7th. They issued a “buy” rating and a $86.00 target price for the company. JMP Securities reiterated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a report on Friday, February 7th. Royal Bank of Canada raised their price objective on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Stock Up 0.5 %

Cytokinetics stock opened at $43.19 on Friday. The firm has a market capitalization of $5.11 billion, a P/E ratio of -8.03 and a beta of 0.95. The stock’s fifty day simple moving average is $45.75 and its 200-day simple moving average is $49.55. Cytokinetics, Incorporated has a twelve month low of $40.53 and a twelve month high of $75.71. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

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

Cytokinetics Company 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.