Glenmede Trust Co. NA Trims Stock Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Glenmede Trust Co. NA decreased its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 30.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,261 shares of the biopharmaceutical company’s stock after selling 2,761 shares during the quarter. Glenmede Trust Co. NA’s holdings in Cytokinetics were worth $331,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CYTK. Van ECK Associates Corp grew its position in shares of Cytokinetics by 21.3% during the third quarter. Van ECK Associates Corp now owns 71,691 shares of the biopharmaceutical company’s stock worth $3,802,000 after purchasing an additional 12,565 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after purchasing an additional 339,373 shares during the last quarter. Ghisallo Capital Management LLC bought a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $10,619,000. Darwin Global Management Ltd. bought a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $246,074,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Cytokinetics in the 2nd quarter valued at approximately $983,000.

Cytokinetics Trading Down 2.1 %

Shares of NASDAQ:CYTK opened at $50.44 on Thursday. Cytokinetics, Incorporated has a 12-month low of $32.50 and a 12-month high of $110.25. The business’s fifty day simple moving average is $53.15 and its 200-day simple moving average is $54.22. The company has a market capitalization of $5.95 billion, a PE ratio of -9.57 and a beta of 0.80. 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 results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.09). The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $1.21 million. During the same quarter in the previous year, the company earned ($1.35) EPS. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CYTK. JPMorgan Chase & Co. raised their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Royal Bank of Canada assumed coverage on Cytokinetics in a research note on Friday, November 8th. They set an “outperform” rating and a $80.00 price target for the company. JMP Securities reissued a “market outperform” rating and set a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. Finally, Mizuho raised their price target on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’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 completion of the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $20,723,355.84. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wendall Wierenga sold 4,452 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $52.25, for a total value of $232,617.00. Following the completion of the sale, the director now directly owns 24,559 shares of the company’s stock, valued at $1,283,207.75. The trade was a 15.35 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,994 shares of company stock worth $3,427,975. 3.40% of the stock is currently owned by company insiders.

Cytokinetics 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.