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

Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cytokinetics by 3.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,261 shares of the biopharmaceutical company's stock valued at $1,176,000 after purchasing an additional 1,003 shares during the last quarter. Assetmark Inc. boosted its position in 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 buying an additional 1,151 shares during the period. Cetera Investment Advisers boosted its position in Cytokinetics by 29.7% during the 1st quarter. Cetera Investment Advisers now owns 5,904 shares of the biopharmaceutical company's stock valued at $237,000 after buying an additional 1,353 shares during the period. KLP Kapitalforvaltning AS boosted its position in Cytokinetics by 2.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 23,600 shares of the biopharmaceutical company's stock valued at $948,000 after buying an additional 600 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its position in Cytokinetics by 9.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 60,357 shares of the biopharmaceutical company's stock valued at $2,426,000 after buying an additional 5,282 shares during the period.

Cytokinetics Stock Down 2.5%

NASDAQ:CYTK traded down $0.95 during trading hours on Friday, hitting $36.69. 1,088,724 shares of the stock traded hands, compared to its average volume of 1,758,202. 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 $4.38 billion, a price-to-earnings ratio of -6.94 and a beta of 0.59. The stock has a 50 day moving average price of $34.29 and a 200 day moving average price of $39.19.

Cytokinetics (NASDAQ:CYTK - Get Free Report) last released its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.41) by $0.05. The company had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.77 million. During the same period last year, the firm posted ($1.33) EPS. Cytokinetics's quarterly revenue was up 89.1% compared to the same quarter last year. Equities analysts forecast that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CYTK shares. UBS Group dropped their target price on shares of Cytokinetics from $47.00 to $41.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Royal Bank Of Canada dropped their target price on shares of Cytokinetics from $82.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and issued a $120.00 target price on shares of Cytokinetics in a research report on Monday, April 21st. JPMorgan Chase & Co. lowered their price target on shares of Cytokinetics from $71.00 to $53.00 and set an "overweight" rating for the company in a research report on Monday, June 9th. Finally, Barclays lowered their price target on shares of Cytokinetics from $55.00 to $53.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $70.92.

Insider Buying and Selling

In other news, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $37.47, for a total transaction of $74,940.00. Following the transaction, the executive vice president directly owned 140,610 shares in the company, valued at approximately $5,268,656.70. This trade represents a 1.40% 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 Andrew Callos sold 8,659 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $32.04, for a total transaction of $277,434.36. Following the transaction, the executive vice president owned 52,028 shares of the company's stock, valued at approximately $1,666,977.12. This trade represents a 14.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,751 shares of company stock valued at $1,424,731 in the last quarter. 2.70% of the stock is currently owned by insiders.

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.