PNC Financial Services Group Inc. Lowers Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

PNC Financial Services Group Inc. lessened its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,856 shares of the biopharmaceutical company’s stock after selling 517 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cytokinetics were worth $572,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth $80,000. Sage Rhino Capital LLC bought a new stake in shares of Cytokinetics in the fourth quarter worth $204,000. Caprock Group LLC purchased a new position in Cytokinetics during the fourth quarter valued at $216,000. Journey Strategic Wealth LLC purchased a new position in Cytokinetics during the fourth quarter valued at $243,000. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in Cytokinetics during the fourth quarter valued at $252,000.

Insiders Place Their Bets

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now owns 133,004 shares in the company, valued at $7,144,974.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $53.72, for a total transaction of $392,156.00. Following the completion of the sale, the executive vice president now owns 133,004 shares in the company, valued at $7,144,974.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John T. Henderson sold 10,562 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $64.54, for a total value of $681,671.48. Following the sale, the director now owns 32,070 shares of the company’s stock, valued at approximately $2,069,797.80. The disclosure for this sale can be found here. Insiders sold a total of 140,393 shares of company stock worth $8,284,390 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Cytokinetics Stock Performance

Shares of NASDAQ CYTK opened at $51.75 on Thursday. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of -9.58 and a beta of 0.74. The stock has a 50 day moving average price of $57.30 and a 200 day moving average price of $66.77. Cytokinetics, Incorporated has a 52-week low of $25.98 and a 52-week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.17). The company had revenue of $0.84 million during the quarter, compared to analysts’ expectations of $0.91 million. The business’s revenue for the quarter was down 81.8% compared to the same quarter last year. During the same period last year, the firm earned ($1.38) EPS. Analysts forecast that Cytokinetics, Incorporated will post -4.55 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on CYTK. Needham & Company LLC lowered their target price on Cytokinetics from $108.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, May 23rd. Barclays lowered their target price on Cytokinetics from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Bank of America lowered their target price on Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, May 23rd. JMP Securities lowered their target price on Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 28th. Finally, Raymond James lowered their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.

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.