Melqart Asset Management UK Ltd Reduces Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Melqart Asset Management UK Ltd cut its stake in Cytokinetics, Incorporated (NASDAQ:CYTK) by 27.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,212,258 shares of the biopharmaceutical company’s stock after selling 463,527 shares during the period. Cytokinetics accounts for approximately 5.8% of Melqart Asset Management UK Ltd’s holdings, making the stock its 6th largest holding. Melqart Asset Management UK Ltd’s holdings in Cytokinetics were worth $64,007,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Cetera Advisors LLC acquired a new position in Cytokinetics during the first quarter worth about $531,000. DNB Asset Management AS boosted its position in shares of Cytokinetics by 9.8% during the 2nd quarter. DNB Asset Management AS now owns 7,231 shares of the biopharmaceutical company’s stock valued at $392,000 after purchasing an additional 645 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Cytokinetics by 402.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 17,814 shares of the biopharmaceutical company’s stock worth $965,000 after purchasing an additional 14,270 shares during the last quarter. Mirador Capital Partners LP raised its holdings in shares of Cytokinetics by 78.1% in the 2nd quarter. Mirador Capital Partners LP now owns 63,143 shares of the biopharmaceutical company’s stock worth $3,421,000 after purchasing an additional 27,688 shares in the last quarter. Finally, Securian Asset Management Inc. lifted its stake in Cytokinetics by 13.4% during the second quarter. Securian Asset Management Inc. now owns 9,144 shares of the biopharmaceutical company’s stock valued at $495,000 after purchasing an additional 1,081 shares during the last quarter.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $51.51 on Wednesday. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28. The business’s fifty day moving average price is $53.18 and its two-hundred day moving average price is $54.28. Cytokinetics, Incorporated has a fifty-two week low of $32.50 and a fifty-two week high of $110.25. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -9.57 and a beta of 0.80.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $120.00 price target on shares of Cytokinetics in a research report on Monday. JMP Securities restated a “market outperform” rating and issued a $78.00 target price on shares of Cytokinetics in a report on Wednesday, September 4th. The Goldman Sachs Group lowered Cytokinetics from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $60.00 in a research report on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Cytokinetics in a research report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Cytokinetics in a report on Friday, October 18th. One 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’s stock. According to data from MarketBeat, Cytokinetics presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.93.

Insider Buying and Selling

In other Cytokinetics news, CEO Robert I. Blum sold 5,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $52.14, for a total transaction of $260,700.00. Following the completion of the sale, the chief executive officer now directly owns 397,456 shares of the company’s stock, valued at approximately $20,723,355.84. The trade was a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of Cytokinetics stock in a transaction on Tuesday, October 1st. The stock was 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 of the company’s stock, valued at $6,195,732. This represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 64,994 shares of company stock worth $3,427,975 in the last 90 days. 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.