Algert Global LLC Sells 22,738 Shares of Cytokinetics, Incorporated (NASDAQ:CYTK)

Algert Global LLC decreased its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 31.8% in the third quarter, HoldingsChannel reports. The fund owned 48,670 shares of the biopharmaceutical company’s stock after selling 22,738 shares during the quarter. Algert Global LLC’s holdings in Cytokinetics were worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Darwin Global Management Ltd. bought a new stake in Cytokinetics during the second quarter valued at about $246,074,000. Integral Health Asset Management LLC grew its stake in shares of Cytokinetics by 122.2% during the 2nd 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 period. Charles Schwab Investment Management Inc. increased 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 acquiring an additional 395,709 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Cytokinetics during the 2nd quarter worth approximately $14,957,000. Finally, Great Point Partners LLC lifted its holdings in Cytokinetics by 134.5% during the second quarter. Great Point Partners LLC now owns 474,202 shares of the biopharmaceutical company’s stock valued at $25,692,000 after purchasing an additional 272,000 shares in the last quarter.

Insider Transactions at Cytokinetics

In other news, CEO Robert I. Blum sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $50.55, for a total value of $252,750.00. Following the completion of the sale, the chief executive officer now owns 397,456 shares in the company, valued at approximately $20,091,400.80. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Fady Ibraham Malik sold 7,300 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $50.16, for a total transaction of $366,168.00. Following the transaction, the executive vice president now owns 111,878 shares in the company, valued at $5,611,800.48. The trade was a 6.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,378 shares of company stock worth $3,880,287. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CYTK. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a research report on Wednesday, November 20th. HC Wainwright reissued a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a report on Monday, November 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Cytokinetics in a research note on Friday, October 18th. JMP Securities reissued a “market outperform” rating and set a $78.00 target price on shares of Cytokinetics in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group downgraded Cytokinetics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $85.00 to $60.00 in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Cytokinetics currently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

Cytokinetics Stock Performance

Shares of NASDAQ:CYTK opened at $52.02 on Wednesday. The firm has a fifty day simple moving average of $53.47 and a two-hundred day simple moving average of $54.57. Cytokinetics, Incorporated has a 52 week low of $30.68 and a 52 week high of $110.25. 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 stock has a market capitalization of $6.14 billion, a P/E ratio of -9.67 and a beta of 0.78.

Cytokinetics (NASDAQ:CYTK) last released its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($1.36) EPS 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. On average, analysts expect that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

About Cytokinetics

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.