Thornburg Investment Management Inc. Grows Stake in Cytokinetics, Incorporated (NASDAQ:CYTK)

Thornburg Investment Management Inc. raised its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 201.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,811 shares of the biopharmaceutical company’s stock after acquiring an additional 169,050 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.24% of Cytokinetics worth $13,697,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP purchased a new stake in shares of Cytokinetics during the 1st quarter valued at approximately $51,277,000. Norges Bank bought a new position in shares of Cytokinetics during the 4th quarter valued at $60,299,000. Fisher Asset Management LLC bought a new position in shares of Cytokinetics during the 4th quarter valued at $44,754,000. Sarissa Capital Management LP purchased a new stake in Cytokinetics during the 1st quarter valued at $21,033,000. Finally, Iron Triangle Partners LP purchased a new stake in Cytokinetics during the 1st quarter valued at $21,033,000.

Cytokinetics Stock Performance

CYTK opened at $53.77 on Thursday. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $5.64 billion, a PE ratio of -9.96 and a beta of 0.77. The firm has a 50 day moving average of $56.23 and a two-hundred day moving average of $60.11. Cytokinetics, Incorporated has a 12-month low of $25.98 and a 12-month high of $110.25.

Cytokinetics (NASDAQ:CYTK) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($1.06) by ($0.25). The company had revenue of $0.25 million for the quarter, compared to the consensus estimate of $7.61 million. The business’s quarterly revenue was down 71.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.34) earnings per share. On average, analysts anticipate that Cytokinetics, Incorporated will post -5.1 EPS for the current year.

Insider Activity

In related news, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $52.60, for a total value of $1,183,500.00. Following the sale, the chief executive officer now directly owns 416,645 shares in the company, valued at approximately $21,915,527. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cytokinetics news, CEO Robert I. Blum sold 22,500 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $52.60, for a total transaction of $1,183,500.00. Following the sale, the chief executive officer now directly owns 416,645 shares in the company, valued at $21,915,527. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director B Lynne Parshall sold 5,000 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $52.55, for a total transaction of $262,750.00. Following the sale, the director now owns 20,600 shares in the company, valued at $1,082,530. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,337 shares of company stock valued at $7,464,633. 3.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

CYTK has been the subject of several research analyst reports. Barclays dropped their target price on shares of Cytokinetics from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Cytokinetics in a research note on Monday. JMP Securities reiterated a “market outperform” rating and issued a $78.00 price target on shares of Cytokinetics in a research note on Wednesday, September 4th. Bank of America dropped their price objective on shares of Cytokinetics from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cytokinetics from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

Cytokinetics 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.