Redmile Group LLC Trims Stock Position in Cytokinetics, Incorporated $CYTK

Key Points

• Redmile Group LLC reduced its position in Cytokinetics by 11.3% during Q1, now holding 82,098 shares valued at approximately $3.3 million.
• Insider transactions included CEO Robert I. Blum selling 5,000 shares for $182,250, reducing his ownership by 1.27%.
• Cytokinetics recently reported earnings of ($1.12) per share, surpassing analyst expectations and showcasing a substantial revenue increase of 26727.3% year-over-year.

Redmile Group LLC trimmed its stake in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 11.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,098 shares of the biopharmaceutical company's stock after selling 10,500 shares during the period. Redmile Group LLC owned 0.07% of Cytokinetics worth $3,300,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp boosted its holdings in Cytokinetics by 42.2% in the 1st quarter. Fifth Third Bancorp now owns 981 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 291 shares during the period. Parallel Advisors LLC boosted its holdings in Cytokinetics by 500.5% in the 1st quarter. Parallel Advisors LLC now owns 1,099 shares of the biopharmaceutical company's stock worth $44,000 after buying an additional 916 shares during the period. GAMMA Investing LLC boosted its holdings in Cytokinetics by 281.0% in the 1st quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock worth $45,000 after buying an additional 826 shares during the period. UMB Bank n.a. boosted its holdings in shares of Cytokinetics by 91.4% during the 1st quarter. UMB Bank n.a. now owns 1,156 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 552 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in shares of Cytokinetics by 11,510.0% during the 1st quarter. Assetmark Inc. now owns 1,161 shares of the biopharmaceutical company's stock valued at $47,000 after purchasing an additional 1,151 shares during the last quarter.

Cytokinetics Price Performance

Shares of NASDAQ:CYTK traded up $3.26 during trading on Friday, reaching $53.01. 3,722,451 shares of the company were exchanged, compared to its average volume of 2,537,097. The firm has a market capitalization of $6.34 billion, a PE ratio of -10.39 and a beta of 0.62. The business's fifty day simple moving average is $37.62 and its 200-day simple moving average is $37.80. Cytokinetics, Incorporated has a 12-month low of $29.31 and a 12-month high of $59.39.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.34) by $0.22. The business had revenue of $66.77 million for the quarter, compared to the consensus estimate of $1.95 million. During the same quarter in the prior year, the business posted ($1.31) earnings per share. Cytokinetics's revenue for the quarter was up 26727.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert I. Blum sold 5,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $38.15, for a total transaction of $190,750.00. Following the transaction, the chief executive officer directly owned 393,108 shares in the company, valued at approximately $14,997,070.20. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Fady Ibraham Malik sold 2,000 shares of Cytokinetics stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total transaction of $76,620.00. Following the completion of the transaction, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,756 shares of company stock worth $1,171,560. Corporate insiders own 2.70% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on CYTK. JPMorgan Chase & Co. dropped their price objective on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a report on Monday, June 9th. HC Wainwright reaffirmed a "buy" rating on shares of Cytokinetics in a report on Tuesday. JMP Securities reaffirmed a "market outperform" rating and issued a $78.00 price target on shares of Cytokinetics in a report on Tuesday. Mizuho lowered their price target on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 price target on shares of Cytokinetics in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cytokinetics presently has an average rating of "Moderate Buy" and an average target price 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.