Rafferty Asset Management LLC Trims Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Rafferty Asset Management LLC lowered its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 22.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 167,935 shares of the biopharmaceutical company’s stock after selling 48,891 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.14% of Cytokinetics worth $7,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its position in shares of Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Cytokinetics during the 4th quarter valued at approximately $29,000. AlphaQuest LLC grew its stake in shares of Cytokinetics by 113,500.0% during the 4th quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after acquiring an additional 1,135 shares during the period. J.Safra Asset Management Corp grew its stake in shares of Cytokinetics by 62.1% during the 4th quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 671 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Cytokinetics by 85.8% during the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock valued at $86,000 after acquiring an additional 842 shares during the period.

Insider Activity

In related news, Director Muna Bhanji sold 1,454 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $29.73, for a total transaction of $43,227.42. Following the sale, the director now owns 23,510 shares in the company, valued at approximately $698,952.30. This represents a 5.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 2,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $45.98, for a total value of $91,960.00. Following the sale, the executive vice president now owns 116,071 shares in the company, valued at $5,336,944.58. The trade was a 1.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,816 shares of company stock worth $3,942,345. 2.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, April 21st. Royal Bank of Canada cut their price objective on Cytokinetics from $82.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research note on Wednesday. Barclays cut their price objective on 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 reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research note on Thursday, April 10th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.44.

Cytokinetics Stock Up 3.9%

NASDAQ CYTK opened at $31.00 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. The company has a market capitalization of $3.70 billion, a P/E ratio of -5.76 and a beta of 0.81. Cytokinetics, Incorporated has a one year low of $29.31 and a one year high of $61.40. The stock has a 50 day moving average price of $38.88 and a 200-day moving average price of $45.23.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, beating analysts’ consensus estimates 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. The firm’s revenue was up 89.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.33) earnings per share. As a group, equities analysts predict that Cytokinetics, Incorporated will post -5.24 EPS for the current fiscal 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.