Franklin Resources Inc. Sells 1,820,114 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Franklin Resources Inc. lessened its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 77.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 536,447 shares of the biopharmaceutical company’s stock after selling 1,820,114 shares during the quarter. Franklin Resources Inc. owned approximately 0.45% of Cytokinetics worth $29,236,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Darwin Global Management Ltd. purchased a new stake in Cytokinetics in the 2nd quarter worth about $246,074,000. Geode Capital Management LLC raised its position in shares of Cytokinetics by 4.0% in the third quarter. Geode Capital Management LLC now owns 2,848,584 shares of the biopharmaceutical company’s stock valued at $150,433,000 after purchasing an additional 109,938 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Cytokinetics by 42.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,321,391 shares of the biopharmaceutical company’s stock worth $69,769,000 after buying an additional 395,709 shares during the period. Westfield Capital Management Co. LP grew its stake in Cytokinetics by 38.9% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,212,886 shares of the biopharmaceutical company’s stock valued at $64,040,000 after buying an additional 339,373 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Cytokinetics by 17.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,143,830 shares of the biopharmaceutical company’s stock valued at $60,399,000 after acquiring an additional 167,501 shares during the period.

Insiders Place Their Bets

In other Cytokinetics news, Director Wendall Wierenga sold 742 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $48.61, for a total transaction of $36,068.62. Following the transaction, the director now directly owns 24,559 shares of the company’s stock, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total transaction of $380,330.00. Following the sale, the executive vice president now directly owns 118,920 shares in the company, valued at $6,195,732. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,816 shares of company stock valued at $3,923,463 in the last quarter. Insiders own 3.40% of the company’s stock.

Cytokinetics Trading Down 3.0 %

NASDAQ CYTK opened at $46.36 on Thursday. The firm has a market cap of $5.47 billion, a PE ratio of -8.62 and a beta of 0.80. Cytokinetics, Incorporated has a 1-year low of $32.70 and a 1-year high of $110.25. The stock has a 50-day moving average of $52.22 and a 200-day moving average of $54.03. The company has a current ratio of 9.28, a quick ratio of 9.28 and a debt-to-equity ratio of 5.93.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.09). The business had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $1.21 million. During the same period in the prior year, the firm earned ($1.35) EPS. The business’s revenue was up 22.5% on a year-over-year basis. As a group, sell-side analysts forecast that Cytokinetics, Incorporated will post -5.25 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Royal Bank of Canada upped their target price on shares of Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $72.00 price target on shares of Cytokinetics in a research report on Monday, December 2nd. Mizuho increased their price objective on Cytokinetics from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Thursday, November 21st. Finally, JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.07.

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.