Corebridge Financial Inc. Trims Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Corebridge Financial Inc. decreased its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 4.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 189,540 shares of the biopharmaceutical company’s stock after selling 9,835 shares during the quarter. Corebridge Financial Inc.’s holdings in Cytokinetics were worth $8,916,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in CYTK. Jones Financial Companies Lllp increased its stake in shares of Cytokinetics by 189.8% in the fourth quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Cytokinetics in the 4th quarter worth $29,000. AlphaQuest LLC raised its holdings in Cytokinetics by 113,500.0% during the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 1,135 shares during the period. J.Safra Asset Management Corp lifted its position in shares of Cytokinetics by 62.1% in the fourth quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 671 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Cytokinetics by 85.8% in the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock worth $86,000 after acquiring an additional 842 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Citigroup began coverage on Cytokinetics in a research note on Friday, February 7th. They set a “buy” rating and a $86.00 target price on the stock. Stifel Nicolaus started coverage on shares of Cytokinetics in a report on Wednesday, January 22nd. They set a “buy” rating and a $80.00 price objective for the company. JMP Securities reissued a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Cytokinetics in a research note on Thursday, February 6th. Finally, Morgan Stanley set a $67.00 price target on shares of Cytokinetics in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Cytokinetics Price Performance

Shares of Cytokinetics stock opened at $42.99 on Friday. The stock has a 50 day moving average price of $45.80 and a 200-day moving average price of $49.67. Cytokinetics, Incorporated has a one year low of $40.53 and a one year high of $75.71. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of -7.99 and a beta of 0.95. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. Equities analysts expect that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 16,970 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $43.44, for a total value of $737,176.80. Following the completion of the transaction, the chief executive officer now owns 364,181 shares of the company’s stock, valued at $15,820,022.64. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $45.92, for a total value of $91,840.00. Following the sale, the executive vice president now directly owns 116,071 shares in the company, valued at $5,329,980.32. This trade represents a 1.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,834 shares of company stock worth $1,949,275 over the last three months. 3.40% of the stock is owned by corporate insiders.

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.