Schwab Charles Investment Management Inc. Trims Stake in Cytokinetics (CYTK)
Schwab Charles Investment Management Inc. cut its holdings in Cytokinetics (NASDAQ:CYTK) by 8.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 225,992 shares of the biopharmaceutical company’s stock after selling 19,801 shares during the period. Schwab Charles Investment Management Inc. owned about 0.42% of Cytokinetics worth $1,628,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth about $112,000. Teacher Retirement System of Texas bought a new stake in shares of Cytokinetics in the 4th quarter worth about $113,000. Ellington Management Group LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth about $128,000. Granite Investment Advisors LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth about $151,000. Finally, MetLife Investment Advisors LLC bought a new stake in shares of Cytokinetics in the 4th quarter worth about $153,000. Hedge funds and other institutional investors own 68.01% of the company’s stock.
A number of analysts have recently weighed in on CYTK shares. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Cytokinetics in a report on Friday, April 27th. ValuEngine upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Friday, April 27th. Cantor Fitzgerald reiterated a “hold” rating and set a $10.00 price target on shares of Cytokinetics in a report on Sunday, June 17th. BidaskClub upgraded shares of Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, April 28th. Finally, Piper Jaffray Companies cut their price target on shares of Cytokinetics to $13.00 and set an “overweight” rating on the stock in a report on Monday, June 18th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Cytokinetics currently has a consensus rating of “Buy” and an average price target of $15.56.
Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, April 26th. The biopharmaceutical company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.06). The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $5.50 million. analysts expect that Cytokinetics will post -1.97 earnings per share for the current year.
In other Cytokinetics news, EVP Fady Ibraham Malik sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 7th. The shares were sold at an average price of $8.95, for a total value of $26,850.00. Following the completion of the sale, the executive vice president now directly owns 96,067 shares of the company’s stock, valued at approximately $859,799.65. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 4,000 shares of the business’s stock in a transaction dated Friday, May 4th. The shares were sold at an average price of $8.38, for a total transaction of $33,520.00. Following the completion of the sale, the chief executive officer now directly owns 183,722 shares of the company’s stock, valued at $1,539,590.36. The disclosure for this sale can be found here. Insiders have sold a total of 11,000 shares of company stock worth $93,490 over the last quarter. 5.10% of the stock is currently owned by insiders.
Cytokinetics Company Profile
Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. It is developing small molecule drug candidates primarily engineered to increase muscle function and contractility.
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