Principal Financial Group Inc. Sells 120,497 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Principal Financial Group Inc. lowered its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 273,082 shares of the biopharmaceutical company’s stock after selling 120,497 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Cytokinetics worth $14,419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CYTK. J.Safra Asset Management Corp boosted its position in shares of Cytokinetics by 642.3% during the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after acquiring an additional 456 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Cytokinetics by 65.6% during the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after acquiring an additional 238 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Cytokinetics by 225.9% during the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 680 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of Cytokinetics during the 3rd quarter valued at about $54,000. Finally, EntryPoint Capital LLC bought a new stake in shares of Cytokinetics during the 1st quarter valued at about $74,000.

Cytokinetics Price Performance

CYTK opened at $50.22 on Friday. 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, Incorporated has a 52-week low of $30.68 and a 52-week high of $110.25. The stock has a market capitalization of $5.93 billion, a PE ratio of -9.33 and a beta of 0.78. The stock’s 50 day moving average price is $54.08 and its 200-day moving average price is $55.30.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.35) earnings per share. On average, equities research analysts predict that Cytokinetics, Incorporated will post -5.31 EPS for the current year.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $52.14, for a total value of $260,700.00. Following the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $20,723,355.84. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total value of $420,961.84. Following the completion of the sale, the executive vice president now directly owns 122,920 shares in the company, valued at $7,007,669.20. This trade represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,078 shares of company stock valued at $3,261,369 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CYTK shares. JMP Securities reiterated a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research report on Wednesday, September 4th. HC Wainwright restated a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Thursday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.67.

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.