Murchinson Ltd. Trims Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Murchinson Ltd. trimmed its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 23.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,795 shares of the biopharmaceutical company’s stock after selling 25,000 shares during the period. Cytokinetics accounts for approximately 0.7% of Murchinson Ltd.’s holdings, making the stock its 19th largest position. Murchinson Ltd.’s holdings in Cytokinetics were worth $4,540,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CYTK. J.Safra Asset Management Corp increased its stake in shares of Cytokinetics by 642.3% in the 2nd quarter. J.Safra Asset Management Corp now owns 527 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 456 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Cytokinetics in the 1st quarter worth $74,000. Bessemer Group Inc. increased its stake in Cytokinetics by 25,100.0% in the 1st quarter. Bessemer Group Inc. now owns 1,260 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,255 shares in the last quarter. nVerses Capital LLC purchased a new stake in Cytokinetics in the 2nd quarter worth $190,000. Finally, Kennedy Capital Management LLC purchased a new stake in Cytokinetics in the 1st quarter worth $224,000.

Cytokinetics Stock Down 0.6 %

Shares of NASDAQ:CYTK opened at $52.34 on Friday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. Cytokinetics, Incorporated has a 12 month low of $25.98 and a 12 month high of $110.25. The company has a 50-day moving average price of $55.80 and a 200 day moving average price of $58.78. The company has a market cap of $5.49 billion, a price-to-earnings ratio of -9.69 and a beta of 0.77.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $7.61 million. During the same period last year, the firm posted ($1.34) earnings per share. The company’s revenue was down 71.3% compared to the same quarter last year. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -5.15 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CYTK shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Monday, September 9th. JPMorgan Chase & Co. increased their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. HC Wainwright reiterated a “buy” rating and issued a $90.00 price target on shares of Cytokinetics in a research note on Friday, September 20th. B. Riley cut their price target on Cytokinetics from $122.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Finally, The Goldman Sachs Group downgraded shares of Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cytokinetics has a consensus rating of “Moderate Buy” and an average target price of $80.67.

Insider Activity at Cytokinetics

In related news, CEO Robert I. Blum sold 11,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.05, for a total value of $621,575.00. Following the completion of the transaction, the chief executive officer now owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $57.03, for a total value of $285,150.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares of the company’s stock, valued at $22,666,915.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert I. Blum sold 11,500 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.05, for a total transaction of $621,575.00. Following the completion of the sale, the chief executive officer now directly owns 405,145 shares of the company’s stock, valued at approximately $21,898,087.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,537 shares of company stock valued at $5,626,227. Insiders own 3.40% of the company’s stock.

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.