Franklin Resources Inc. Trims Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Franklin Resources Inc. reduced its holdings in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 77.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 536,447 shares of the biopharmaceutical company’s stock after selling 1,820,114 shares during the period. Franklin Resources Inc.’s holdings in Cytokinetics were worth $29,236,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. UMB Bank n.a. boosted its position in shares of Cytokinetics by 65.6% in the 3rd quarter. UMB Bank n.a. now owns 601 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 238 shares in the last quarter. Blue Trust Inc. boosted its holdings in Cytokinetics by 225.9% in the third quarter. Blue Trust Inc. now owns 981 shares of the biopharmaceutical company’s stock worth $53,000 after acquiring an additional 680 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Cytokinetics in the third quarter worth $54,000. Quarry LP increased its holdings in shares of Cytokinetics by 233.3% during the second quarter. Quarry LP now owns 2,000 shares of the biopharmaceutical company’s stock valued at $108,000 after acquiring an additional 1,400 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Cytokinetics in the 2nd quarter worth about $190,000.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. HC Wainwright restated a “buy” rating and set a $120.00 price objective on shares of Cytokinetics in a research note on Monday, December 2nd. Royal Bank of Canada upped their price objective on Cytokinetics from $80.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on Cytokinetics from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Cytokinetics in a research report on Friday, October 18th. Finally, Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Cytokinetics in a report on Monday, December 2nd. One research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $84.07.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Fady Ibraham Malik sold 7,300 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $52.10, for a total value of $380,330.00. Following the completion of the transaction, the executive vice president now directly owns 118,920 shares in the company, valued at approximately $6,195,732. The trade was a 5.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Wendall Wierenga sold 742 shares of Cytokinetics stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $48.61, for a total transaction of $36,068.62. Following the completion of the transaction, the director now directly owns 24,559 shares in the company, valued at approximately $1,193,812.99. The trade was a 2.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,816 shares of company stock valued at $3,923,463. Company insiders own 3.40% of the company’s stock.

Cytokinetics Stock Performance

NASDAQ:CYTK opened at $46.36 on Thursday. The stock’s 50 day simple moving average is $52.22 and its two-hundred day simple moving average is $54.03. Cytokinetics, Incorporated has a 1 year low of $32.70 and a 1 year high of $110.25. The company has a market cap of $5.47 billion, a price-to-earnings ratio of -8.62 and a beta of 0.80. The company has a debt-to-equity ratio of 5.93, a current ratio of 9.28 and a quick ratio of 9.28.

Cytokinetics (NASDAQ:CYTK) last posted its quarterly earnings data 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 company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $1.21 million. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.35) EPS. As a group, equities analysts anticipate that Cytokinetics, Incorporated will post -5.25 earnings per share for the current fiscal year.

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.