Cytokinetics, Incorporated $CYTK Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC has reduced its holdings in Cytokinetics by 11.0%, now owning approximately 0.13% of the company with a value of $6,009,000.
• Multiple hedge funds, including Deep Track Capital LP and Principal Financial Group Inc., significantly increased their stakes in Cytokinetics during the last quarter, with Deep Track Capital LP growing its holdings by 296.9%.
• In the most recent earnings report, Cytokinetics surpassed expectations by posting a loss of ($1.12) EPS, which was better than the consensus estimate of ($1.34).

Rafferty Asset Management LLC lowered its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 11.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 149,507 shares of the biopharmaceutical company's stock after selling 18,428 shares during the period. Rafferty Asset Management LLC owned about 0.13% of Cytokinetics worth $6,009,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Cytokinetics in the fourth quarter valued at about $254,000. GAMMA Investing LLC boosted its holdings in Cytokinetics by 281.0% in the first quarter. GAMMA Investing LLC now owns 1,120 shares of the biopharmaceutical company's stock valued at $45,000 after purchasing an additional 826 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Cytokinetics by 21.8% in the first quarter. HighTower Advisors LLC now owns 11,352 shares of the biopharmaceutical company's stock valued at $456,000 after purchasing an additional 2,029 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Cytokinetics by 29.7% in the first quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock valued at $237,000 after purchasing an additional 1,353 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Cytokinetics by 5.4% during the 4th quarter. Two Sigma Advisers LP now owns 226,400 shares of the biopharmaceutical company's stock worth $10,650,000 after buying an additional 11,700 shares during the last quarter.

Insiders Place Their Bets

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $38.31, for a total value of $76,620.00. Following the sale, the executive vice president directly owned 140,610 shares in the company, valued at $5,386,769.10. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward M. Md Kaye sold 6,756 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $50.00, for a total value of $337,800.00. Following the completion of the sale, the director owned 23,230 shares in the company, valued at approximately $1,161,500. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,051 shares of company stock valued at $1,565,710 in the last quarter. 3.40% of the stock is owned by insiders.

Cytokinetics Price Performance

Shares of NASDAQ CYTK traded down $1.36 during mid-day trading on Wednesday, hitting $48.26. The company had a trading volume of 1,689,581 shares, compared to its average volume of 1,819,604. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of -9.46 and a beta of 0.62. Cytokinetics, Incorporated has a 12 month low of $29.31 and a 12 month high of $59.39. The firm's 50 day simple moving average is $36.57 and its two-hundred day simple moving average is $37.64.

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

Analyst Ratings Changes

A number of research analysts have commented on CYTK shares. Raymond James Financial started coverage on Cytokinetics in a report on Wednesday, July 30th. They set a "market perform" rating on the stock. Cantor Fitzgerald raised Cytokinetics to a "strong-buy" rating in a report on Tuesday, May 13th. JMP Securities reaffirmed a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a report on Tuesday. Barclays increased their target price on Cytokinetics from $53.00 to $71.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Royal Bank Of Canada reduced their target price on Cytokinetics from $82.00 to $80.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average 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.