abrdn plc Cuts Stock Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

abrdn plc lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 5.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 348,056 shares of the biopharmaceutical company’s stock after selling 21,181 shares during the quarter. abrdn plc’s holdings in Cytokinetics were worth $18,377,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several analysts recently issued reports on CYTK shares. JMP Securities restated a “market outperform” rating and issued a $78.00 price objective on shares of Cytokinetics in a report on Wednesday, September 4th. HC Wainwright restated a “buy” rating and issued a $120.00 price objective on shares of Cytokinetics in a report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. The Goldman Sachs Group lowered shares of Cytokinetics from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Cytokinetics Stock Performance

Cytokinetics stock opened at $51.00 on Friday. The stock’s 50 day moving average price is $54.50 and its 200 day moving average price is $56.23. The firm has a market capitalization of $6.00 billion, a PE ratio of -9.50 and a beta of 0.77. The company has a debt-to-equity ratio of 5.93, a quick ratio of 10.39 and a current ratio of 10.39. Cytokinetics, Incorporated has a one year low of $30.68 and a one year high of $110.25.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The company had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $7.61 million. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.34) earnings per share. As a group, sell-side analysts expect that Cytokinetics, Incorporated will post -5.15 EPS for the current fiscal year.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $51.91, for a total value of $378,943.00. Following the transaction, the executive vice president now directly owns 114,920 shares of the company’s stock, valued at $5,965,497.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $51.91, for a total value of $378,943.00. Following the transaction, the executive vice president now directly owns 114,920 shares of the company’s stock, valued at $5,965,497.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wendall Wierenga sold 4,452 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the transaction, the director now directly owns 24,559 shares in the company, valued at approximately $1,283,207.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,536 shares of company stock valued at $3,934,877 in the last three months. Corporate insiders own 3.40% of the company’s stock.

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.