Massachusetts Financial Services Co. MA Sells 169,471 Shares of Cytokinetics, Incorporated $CYTK

Massachusetts Financial Services Co. MA reduced its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 34.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 327,202 shares of the biopharmaceutical company’s stock after selling 169,471 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Cytokinetics were worth $20,790,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Cytokinetics by 723.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 766 shares of the biopharmaceutical company’s stock worth $25,000 after acquiring an additional 673 shares during the last quarter. Quarry LP bought a new stake in shares of Cytokinetics during the 3rd quarter worth approximately $30,000. Advisory Services Network LLC bought a new stake in Cytokinetics during the 3rd quarter valued at $32,000. Johnson Financial Group Inc. bought a new stake in Cytokinetics during the 3rd quarter valued at $40,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Cytokinetics during the 3rd quarter valued at $45,000.

Insider Buying and Selling

In other news, CEO Robert I. Blum sold 36,601 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $62.15, for a total value of $2,274,752.15. Following the transaction, the chief executive officer directly owned 430,330 shares in the company, valued at approximately $26,745,009.50. This trade represents a 7.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sung Lee sold 4,935 shares of Cytokinetics stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $62.15, for a total value of $306,710.25. Following the completion of the transaction, the executive vice president owned 87,127 shares in the company, valued at $5,414,943.05. This represents a 5.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 140,505 shares of company stock valued at $8,766,875. 2.70% of the stock is owned by insiders.

Cytokinetics Trading Down 1.5%

Shares of NASDAQ:CYTK opened at $65.37 on Thursday. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $70.98. The business’s fifty day simple moving average is $64.01 and its 200-day simple moving average is $63.04. The company has a market capitalization of $8.05 billion, a PE ratio of -10.01 and a beta of 0.47.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Tuesday, February 24th. The biopharmaceutical company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.48) by ($0.02). The firm had revenue of $17.76 million during the quarter, compared to analyst estimates of $8.02 million. During the same quarter in the previous year, the company earned ($1.26) EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup reaffirmed a “market outperform” rating on shares of Cytokinetics in a research report on Monday, December 22nd. Needham & Company LLC lifted their target price on Cytokinetics from $84.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. UBS Group lifted their target price on Cytokinetics from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, March 6th. Morgan Stanley set a $90.00 target price on Cytokinetics in a research report on Thursday, January 8th. Finally, Royal Bank Of Canada lifted their target price on Cytokinetics from $95.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $90.55.

Cytokinetics Profile

Cytokinetics, Inc is a late?stage biopharmaceutical company focused on the discovery and development of novel small?molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.