First Turn Management LLC Sells 70,171 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

First Turn Management LLC lowered its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 23.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 223,147 shares of the biopharmaceutical company’s stock after selling 70,171 shares during the quarter. First Turn Management LLC’s holdings in Cytokinetics were worth $11,782,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CYTK. Darwin Global Management Ltd. bought a new position in Cytokinetics in the second quarter worth approximately $246,074,000. Integral Health Asset Management LLC grew its stake in Cytokinetics by 122.2% in the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock worth $54,180,000 after purchasing an additional 550,000 shares in the last quarter. Sarissa Capital Management LP bought a new position in Cytokinetics in the first quarter worth approximately $21,033,000. Iron Triangle Partners LP bought a new position in Cytokinetics in the first quarter worth approximately $21,033,000. Finally, Massachusetts Financial Services Co. MA bought a new position in Cytokinetics in the second quarter worth approximately $14,957,000.

Cytokinetics Stock Up 3.4 %

Cytokinetics stock opened at $51.94 on Tuesday. The business’s 50-day moving average price is $54.00 and its 200 day moving average price is $55.11. The company has a quick ratio of 9.28, a current ratio of 9.28 and a debt-to-equity ratio of 5.93. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of -9.65 and a beta of 0.78. Cytokinetics, Incorporated has a 52 week low of $30.68 and a 52 week high of $110.25.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings results 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 company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. During the same period in the prior year, the company posted ($1.35) EPS. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cytokinetics, Incorporated will post -4.32 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on CYTK. HC Wainwright reaffirmed a “buy” rating and set a $120.00 target price on shares of Cytokinetics in a research report on Monday. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research report on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Royal Bank of Canada began coverage on Cytokinetics in a research report on Friday, November 8th. They set an “outperform” rating and a $80.00 target price on the stock. Finally, The Goldman Sachs Group cut Cytokinetics from a “buy” rating to a “neutral” rating and dropped their target price for the company from $85.00 to $60.00 in a research report on Tuesday, August 13th. One investment 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.67.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $51.63, for a total transaction of $258,150.00. Following the completion of the transaction, the chief executive officer now directly owns 397,456 shares in the company, valued at approximately $20,520,653.28. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Fady Ibraham Malik sold 7,384 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $57.01, for a total transaction of $420,961.84. Following the transaction, the executive vice president now owns 122,920 shares of the company’s stock, valued at $7,007,669.20. This represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,078 shares of company stock valued at $3,261,369. Corporate 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.