Cytokinetics, Incorporated $CYTK Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. reduced its stake in Cytokinetics by 50%, selling 75,000 shares and ending with ownership of approximately 0.06% valued at $3,014,000.
• Several other institutional investors, including Fifth Third Bancorp and Assetmark Inc., significantly increased their stakes in Cytokinetics during the first quarter, with Assetmark raising its position by 11,510%.
• Cytokinetics reported earnings of ($1.12) per share for the quarter, beating estimates, and its revenue surged by 26,727.3% compared to the same period last year.

Alyeska Investment Group L.P. lowered its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 50.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,000 shares of the biopharmaceutical company's stock after selling 75,000 shares during the period. Alyeska Investment Group L.P. owned 0.06% of Cytokinetics worth $3,014,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vestal Point Capital LP lifted its holdings in Cytokinetics by 10.2% during the 1st quarter. Vestal Point Capital LP now owns 2,590,531 shares of the biopharmaceutical company's stock worth $104,113,000 after buying an additional 240,531 shares during the last quarter. Orbimed Advisors LLC lifted its stake in Cytokinetics by 106.5% during the fourth quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after purchasing an additional 817,099 shares during the last quarter. Westfield Capital Management Co. LP boosted its holdings in Cytokinetics by 2.4% in the first quarter. Westfield Capital Management Co. LP now owns 1,310,336 shares of the biopharmaceutical company's stock valued at $52,662,000 after purchasing an additional 30,346 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Cytokinetics by 0.9% in the first quarter. Brown Advisory Inc. now owns 1,086,300 shares of the biopharmaceutical company's stock valued at $43,658,000 after purchasing an additional 9,869 shares in the last quarter. Finally, Integral Health Asset Management LLC increased its stake in Cytokinetics by 33.3% in the fourth quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company's stock valued at $47,040,000 after purchasing an additional 250,000 shares during the last quarter.

Insider Activity

In other Cytokinetics news, EVP Fady Ibraham Malik sold 2,000 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $51.29, for a total transaction of $102,580.00. Following the completion of the transaction, the executive vice president owned 140,610 shares in the company, valued at approximately $7,211,886.90. This represents a 1.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $38.15, for a total transaction of $190,750.00. Following the completion of the sale, the chief executive officer owned 393,108 shares of the company's stock, valued at $14,997,070.20. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,756 shares of company stock valued at $1,274,140. Company insiders own 2.70% of the company's stock.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded up $1.32 on Thursday, reaching $53.32. The company's stock had a trading volume of 1,586,059 shares, compared to its average volume of 2,624,258. Cytokinetics, Incorporated has a 52-week low of $29.31 and a 52-week high of $59.39. The stock has a market capitalization of $6.38 billion, a P/E ratio of -10.45 and a beta of 0.62. The stock's 50-day moving average is $39.10 and its two-hundred day moving average is $37.89.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.34) by $0.22. The company had revenue of $66.77 million for the quarter, compared to analysts' expectations of $1.95 million. The business's quarterly revenue was up 26727.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.31) EPS. Equities analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CYTK has been the subject of several recent analyst reports. Citigroup boosted their price objective on shares of Cytokinetics from $77.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Evercore ISI boosted their price target on shares of Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a report on Monday, June 9th. Mizuho reduced their target price on Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Finally, Barclays upped their target price on Cytokinetics from $53.00 to $71.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.38.

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.