Charles Schwab Investment Management Inc. Buys 395,709 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Charles Schwab Investment Management Inc. grew its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 42.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,321,391 shares of the biopharmaceutical company’s stock after acquiring an additional 395,709 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.12% of Cytokinetics worth $69,769,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. J.Safra Asset Management Corp increased its stake in Cytokinetics by 642.3% in the second quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 456 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 238 shares during the period. Blue Trust Inc. increased its position in shares of Cytokinetics by 225.9% in the 3rd quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 680 shares in the last quarter. Values First Advisors Inc. acquired a new stake in Cytokinetics during the 3rd quarter worth $54,000. Finally, Quarry LP lifted its holdings in Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock worth $108,000 after acquiring an additional 1,400 shares in the last quarter.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several recent analyst reports. The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective on shares of Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price on shares of Cytokinetics in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Insider Buying and Selling at Cytokinetics

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total value of $285,150.00. Following the transaction, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at $22,666,915.68. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 122,920 shares of the company’s stock, valued at approximately $7,007,669.20. This represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,378 shares of company stock worth $3,880,287 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $52.22 on Friday. The stock has a market capitalization of $6.16 billion, a PE ratio of -9.71 and a beta of 0.78. Cytokinetics, Incorporated has a 1-year low of $30.68 and a 1-year high of $110.25. The firm has a fifty day simple moving average of $53.31 and a 200 day simple moving average of $54.48. 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 announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million for the quarter, compared to the consensus estimate of $1.21 million. During the same period in the previous year, the business posted ($1.35) earnings per share. Cytokinetics’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, research analysts expect that Cytokinetics, Incorporated will post -5.25 EPS 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.