Thornburg Investment Management Inc. Sells 20,969 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Key Points

• Thornburg Investment Management Inc. has reduced its stake in Cytokinetics by 7.4%, now owning 260,893 shares valued at $10.5 million.
• Several large investors have increased their holdings in Cytokinetics, with Fifth Third Bancorp raising its stake by 42.2% and Assetmark Inc. boosting their position by 11,510%.
• Cytokinetics recently reported earnings of ($1.36) EPS, surpassing estimates, while its revenue reached $1.60 million, falling short of the expected $2.77 million.

Thornburg Investment Management Inc. trimmed its position in shares of Cytokinetics, Incorporated (NASDAQ:CYTK - Free Report) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 260,893 shares of the biopharmaceutical company's stock after selling 20,969 shares during the period. Thornburg Investment Management Inc. owned 0.22% of Cytokinetics worth $10,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CYTK. Vanguard Group Inc. lifted its stake in shares of Cytokinetics by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 11,915,821 shares of the biopharmaceutical company's stock worth $560,520,000 after acquiring an additional 154,216 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of Cytokinetics by 11.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,752,123 shares of the biopharmaceutical company's stock worth $505,780,000 after acquiring an additional 1,062,136 shares during the period. Deep Track Capital LP lifted its stake in shares of Cytokinetics by 296.9% in the 4th quarter. Deep Track Capital LP now owns 2,500,000 shares of the biopharmaceutical company's stock worth $117,600,000 after acquiring an additional 1,870,094 shares during the period. Vestal Point Capital LP lifted its stake in shares of 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 acquiring an additional 850,000 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of Cytokinetics by 14.9% in the 4th quarter. Marshall Wace LLP now owns 2,153,313 shares of the biopharmaceutical company's stock worth $101,292,000 after acquiring an additional 279,612 shares during the period.

Insider Transactions at Cytokinetics

In other news, EVP Andrew Callos sold 8,659 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $32.04, for a total value of $277,434.36. Following the sale, the executive vice president owned 52,028 shares of the company's stock, valued at $1,666,977.12. The trade was a 14.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 5,000 shares of the business's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $36.45, for a total transaction of $182,250.00. Following the completion of the sale, the chief executive officer directly owned 388,108 shares in the company, valued at approximately $14,146,536.60. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,751 shares of company stock valued at $1,424,731. 2.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CYTK. Raymond James Financial assumed coverage on shares of Cytokinetics in a research note on Wednesday. They issued a "market perform" rating for the company. Mizuho cut their target price on shares of Cytokinetics from $103.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, May 29th. Citigroup cut their target price on shares of Cytokinetics from $86.00 to $80.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Barclays cut their target price on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, JMP Securities reissued a "market outperform" rating and set a $78.00 target price on shares of Cytokinetics in a research note on Thursday, April 10th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $70.92.

Cytokinetics Trading Down 2.5%

Shares of NASDAQ:CYTK traded down $0.95 during trading on Friday, hitting $36.69. 1,088,724 shares of the company's stock were exchanged, compared to its average volume of 1,279,881. Cytokinetics, Incorporated has a 1-year low of $29.31 and a 1-year high of $59.39. The firm has a 50-day moving average price of $34.41 and a two-hundred day moving average price of $39.13. The firm has a market cap of $4.38 billion, a P/E ratio of -6.94 and a beta of 0.64.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.41) by $0.05. The firm had revenue of $1.60 million for the quarter, compared to the consensus estimate of $2.77 million. During the same period in the previous year, the business earned ($1.33) EPS. The firm's revenue was up 89.1% compared to the same quarter last year. As a group, research analysts predict that Cytokinetics, Incorporated will post -5.24 EPS 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.