First Turn Management LLC Decreases Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

First Turn Management LLC lowered its holdings in Cytokinetics, Incorporated (NASDAQ:CYTK) by 23.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,147 shares of the biopharmaceutical company’s stock after selling 70,171 shares during the quarter. First Turn Management LLC owned 0.19% of Cytokinetics worth $11,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Darwin Global Management Ltd. purchased a new stake in Cytokinetics during the second quarter valued at $246,074,000. Integral Health Asset Management LLC increased its position in Cytokinetics by 122.2% during the second quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock valued at $54,180,000 after acquiring an additional 550,000 shares during the last quarter. Sarissa Capital Management LP purchased a new stake in Cytokinetics during the first quarter valued at $21,033,000. Iron Triangle Partners LP purchased a new stake in Cytokinetics during the first quarter valued at $21,033,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Cytokinetics during the second quarter valued at $14,957,000.

Cytokinetics Stock Performance

NASDAQ CYTK opened at $51.94 on Tuesday. 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 twelve month low of $30.68 and a twelve month high of $110.25. The business has a 50-day moving average price of $54.00 and a 200-day moving average price of $55.11.

Cytokinetics (NASDAQ:CYTK) last posted its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates 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. The company’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.35) EPS. As a group, equities research analysts predict that Cytokinetics, Incorporated will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Cytokinetics news, EVP Fady Ibraham Malik sold 6,342 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $58.48, for a total transaction of $370,880.16. Following the sale, the executive vice president now directly owns 113,878 shares in the company, valued at $6,659,585.44. This represents a 5.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert I. Blum sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $51.63, for a total value of $258,150.00. Following the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,520,653.28. This trade represents a 1.24 % 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 worth $3,261,369. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Thursday, October 17th. JMP Securities reiterated a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Finally, The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $60.00 in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.67.

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.