Pentwater Capital Management LP Sells 229,100 Shares of Cytokinetics, Incorporated $CYTK

Key Points

• Pentwater Capital Management LP has reduced its stake in Cytokinetics, Incorporated by 51.0%, selling 229,100 shares to now own approximately 0.18% of the company worth $8.84 million.
• Various institutional investors are showing increasing interest in Cytokinetics, with Fifth Third Bancorp and Parallel Advisors LLC significantly boosting their stakes by 42.2% and 500.5%, respectively, during the first quarter.
• Analysts have mixed ratings on Cytokinetics, with a consensus price target of $75.38 and several firms, including Citigroup and Stifel Nicolaus, recommending a "buy" rating.

Pentwater Capital Management LP reduced its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 51.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 220,000 shares of the biopharmaceutical company's stock after selling 229,100 shares during the period. Pentwater Capital Management LP owned approximately 0.18% of Cytokinetics worth $8,842,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CYTK. Paradigm Biocapital Advisors LP bought a new position in Cytokinetics in the 1st quarter worth approximately $34,510,000. Vestal Point Capital LP increased its position in Cytokinetics by 56.7% in the 4th quarter. Vestal Point Capital LP now owns 2,350,000 shares of the biopharmaceutical company's stock worth $110,544,000 after buying an additional 850,000 shares during the period. Orbimed Advisors LLC increased its position in Cytokinetics by 106.5% in the 4th quarter. Orbimed Advisors LLC now owns 1,584,005 shares of the biopharmaceutical company's stock worth $74,512,000 after buying an additional 817,099 shares during the period. Jennison Associates LLC bought a new position in Cytokinetics in the 1st quarter worth approximately $27,085,000. Finally, Principal Financial Group Inc. increased its position in shares of Cytokinetics by 132.3% during the first quarter. Principal Financial Group Inc. now owns 629,911 shares of the biopharmaceutical company's stock valued at $25,316,000 after purchasing an additional 358,778 shares during the period.

Insider Activity

In other news, Director Edward M. Md Kaye sold 6,756 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $50.00, for a total transaction of $337,800.00. Following the transaction, the director owned 23,230 shares of the company's stock, valued at $1,161,500. This represents a 22.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert I. Blum sold 5,000 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $38.15, for a total value of $190,750.00. Following the transaction, the chief executive officer directly owned 393,108 shares in the company, 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. Insiders have sold 29,756 shares of company stock valued at $1,171,560 over the last 90 days. 3.40% of the stock is owned by company insiders.

Cytokinetics Stock Down 1.1%

CYTK stock traded down $0.59 during midday trading on Tuesday, reaching $51.50. 1,975,631 shares of the company's stock traded hands, compared to its average volume of 2,654,565. The company has a 50-day simple moving average of $38.36 and a two-hundred day simple moving average of $37.76. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39. The company has a market cap of $6.16 billion, a price-to-earnings ratio of -10.10 and a beta of 0.62.

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 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 analyst estimates of $1.95 million. The company's revenue for the quarter was up 26727.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.31) earnings per share. Equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Evercore ISI boosted their price objective on Cytokinetics from $60.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Wall Street Zen upgraded Cytokinetics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 10th. Cantor Fitzgerald upgraded Cytokinetics to a "strong-buy" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. lowered their price objective on Cytokinetics from $71.00 to $53.00 and set an "overweight" rating on the stock in a research report on Monday, June 9th. Finally, Raymond James Financial initiated coverage on Cytokinetics in a research report on Wednesday, July 30th. They set a "market perform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.38.

Cytokinetics 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.