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

Melqart Asset Management UK Ltd lessened its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 6.3% in the fourth quarter, HoldingsChannel reports. The fund owned 1,136,434 shares of the biopharmaceutical company’s stock after selling 75,824 shares during the quarter. Cytokinetics makes up approximately 6.5% of Melqart Asset Management UK Ltd’s holdings, making the stock its 4th largest holding. Melqart Asset Management UK Ltd’s holdings in Cytokinetics were worth $53,458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp grew its position in Cytokinetics by 189.8% in the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 374 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Cytokinetics in the fourth quarter valued at $29,000. AlphaQuest LLC grew its holdings in shares of Cytokinetics by 113,500.0% during the fourth quarter. AlphaQuest LLC now owns 1,136 shares of the biopharmaceutical company’s stock valued at $53,000 after buying an additional 1,135 shares during the last quarter. J.Safra Asset Management Corp increased its position in shares of Cytokinetics by 62.1% during the fourth quarter. J.Safra Asset Management Corp now owns 1,751 shares of the biopharmaceutical company’s stock worth $83,000 after acquiring an additional 671 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Cytokinetics by 85.8% in the 4th quarter. Blue Trust Inc. now owns 1,823 shares of the biopharmaceutical company’s stock worth $86,000 after acquiring an additional 842 shares during the last quarter.

Cytokinetics Stock Performance

Shares of CYTK opened at $40.43 on Friday. Cytokinetics, Incorporated has a 1 year low of $32.74 and a 1 year high of $68.44. 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 stock’s fifty day moving average price is $42.09 and its two-hundred day moving average price is $47.15. The firm has a market cap of $4.82 billion, a PE ratio of -7.51 and a beta of 0.94.

Cytokinetics (NASDAQ:CYTK) last announced its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.03. The firm had revenue of $16.93 million during the quarter, compared to the consensus estimate of $14.26 million. On average, equities research analysts forecast that Cytokinetics, Incorporated will post -5.24 EPS for the current year.

Insider Activity at Cytokinetics

In related news, EVP Fady Ibraham Malik sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $38.11, for a total transaction of $76,220.00. Following the sale, the executive vice president now directly owns 140,255 shares in the company, valued at approximately $5,345,118.05. The trade was a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andrew Callos sold 3,341 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $43.27, for a total value of $144,565.07. Following the completion of the transaction, the executive vice president now owns 64,434 shares of the company’s stock, valued at approximately $2,788,059.18. This represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 88,360 shares of company stock worth $3,643,645. 3.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CYTK. HC Wainwright reiterated a “buy” rating and set a $120.00 price target on shares of Cytokinetics in a research note on Monday, April 21st. Morgan Stanley set a $67.00 price target on Cytokinetics in a report on Friday, March 7th. Citigroup initiated coverage on Cytokinetics in a research report on Friday, February 7th. They issued a “buy” rating and a $86.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and set a $78.00 price objective on shares of Cytokinetics in a report on Thursday, April 10th. Finally, Barclays initiated coverage on shares of Cytokinetics in a report on Thursday. They issued an “overweight” rating and a $55.00 target price for the company. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.13.

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.