Thornburg Investment Management Inc. Reduces Stock Position in Cytokinetics, Incorporated (NASDAQ:CYTK)

Thornburg Investment Management Inc. trimmed its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.7% during the first quarter, Holdings Channel.com reports. The firm owned 83,761 shares of the biopharmaceutical company’s stock after selling 1,438 shares during the period. Thornburg Investment Management Inc.’s holdings in Cytokinetics were worth $5,872,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CYTK. Fifth Third Bancorp lifted its stake in shares of Cytokinetics by 94.1% during the first quarter. Fifth Third Bancorp now owns 656 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 318 shares during the period. GAMMA Investing LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $80,000. Sage Rhino Capital LLC purchased a new position in shares of Cytokinetics during the 4th quarter worth $204,000. Caprock Group LLC acquired a new stake in shares of Cytokinetics during the fourth quarter worth $216,000. Finally, Journey Strategic Wealth LLC purchased a new stake in shares of Cytokinetics in the fourth quarter valued at $243,000.

Insider Buying and Selling

In other Cytokinetics news, Director John T. Henderson sold 10,562 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total value of $681,671.48. Following the transaction, the director now owns 32,070 shares of the company’s stock, valued at $2,069,797.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cytokinetics news, EVP Fady Ibraham Malik sold 15,547 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $65.11, for a total transaction of $1,012,265.17. Following the completion of the sale, the executive vice president now directly owns 137,056 shares of the company’s stock, valued at $8,923,716.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Henderson sold 10,562 shares of Cytokinetics stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $64.54, for a total transaction of $681,671.48. Following the completion of the transaction, the director now directly owns 32,070 shares in the company, valued at $2,069,797.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 155,641 shares of company stock worth $8,495,754. Corporate insiders own 3.40% of the company’s stock.

Cytokinetics Trading Down 1.0 %

CYTK stock traded down $0.58 during trading hours on Wednesday, hitting $56.80. 926,404 shares of the stock traded hands, compared to its average volume of 2,549,013. The stock has a 50-day simple moving average of $54.01 and a 200 day simple moving average of $66.49. Cytokinetics, Incorporated has a one year low of $25.98 and a one year high of $110.25. The company has a market cap of $5.96 billion, a P/E ratio of -10.52 and a beta of 0.75.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported ($1.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.17). The firm had revenue of $0.84 million for the quarter, compared to the consensus estimate of $0.91 million. During the same quarter in the prior year, the company earned ($1.38) earnings per share. Cytokinetics’s revenue was down 81.8% on a year-over-year basis. Analysts forecast that Cytokinetics, Incorporated will post -4.5 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on CYTK. JPMorgan Chase & Co. lowered their price target on Cytokinetics from $77.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, June 24th. Barclays lowered their target price on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Bank of America cut their price target on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, May 23rd. JMP Securities lowered their price objective on shares of Cytokinetics from $106.00 to $78.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 28th. Finally, Raymond James dropped their price objective on Cytokinetics from $92.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.06.

About Cytokinetics

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.