Rafferty Asset Management LLC Reduces Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Rafferty Asset Management LLC cut its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 22.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 167,935 shares of the biopharmaceutical company's stock after selling 48,891 shares during the quarter. Rafferty Asset Management LLC owned 0.14% of Cytokinetics worth $7,900,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CYTK. Jones Financial Companies Lllp increased its stake in shares of Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 374 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Cytokinetics in the fourth quarter worth $29,000. AlphaQuest LLC grew its holdings in Cytokinetics by 113,500.0% in the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 1,135 shares during the period. J.Safra Asset Management Corp increased its stake in 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 purchasing an additional 671 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Cytokinetics by 85.8% during the fourth quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company's stock valued at $86,000 after purchasing an additional 842 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently commented on CYTK. Barclays reduced their target price on Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Bank of America reduced their price objective on Cytokinetics from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Cantor Fitzgerald upgraded Cytokinetics to a "strong-buy" rating in a report on Tuesday, May 13th. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 target price on shares of Cytokinetics in a report on Wednesday, May 14th. Finally, Evercore ISI raised shares of Cytokinetics to a "strong-buy" rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Cytokinetics has a consensus rating of "Moderate Buy" and an average price target of $74.44.

Insiders Place Their Bets

In other news, Director Muna Bhanji sold 1,454 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $29.73, for a total value of $43,227.42. Following the transaction, the director now owns 23,510 shares in the company, valued at $698,952.30. The trade was a 5.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andrew Callos sold 4,002 shares of Cytokinetics stock in a transaction on Monday, May 5th. The stock was sold at an average price of $36.68, for a total value of $146,793.36. Following the sale, the executive vice president now owns 60,687 shares in the company, valued at $2,225,999.16. This trade represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 94,816 shares of company stock valued at $3,850,385. Corporate insiders own 2.70% of the company's stock.

Cytokinetics Stock Down 4.1%

NASDAQ:CYTK traded down $1.35 during trading hours on Wednesday, hitting $31.31. 2,004,912 shares of the company traded hands, compared to its average volume of 1,693,348. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm's 50-day simple moving average is $38.38 and its 200-day simple moving average is $44.96. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $61.38. The company has a market cap of $3.74 billion, a PE ratio of -5.82 and a beta of 0.81.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last announced its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.77 million. During the same quarter in the prior year, the company earned ($1.33) EPS. The business's revenue for the quarter was up 89.1% on a year-over-year basis. Equities analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current year.

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.