Franklin Resources Inc. Has $25.68 Million Holdings in Cytokinetics, Incorporated (NASDAQ:CYTK)

Franklin Resources Inc. lifted its stake in shares of Cytokinetics, Incorporated (NASDAQ:CYTK) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 545,813 shares of the biopharmaceutical company’s stock after purchasing an additional 9,366 shares during the period. Franklin Resources Inc. owned approximately 0.46% of Cytokinetics worth $25,675,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in Cytokinetics by 189.8% during the 4th quarter. Jones Financial Companies Lllp now owns 571 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 374 shares during the last quarter. Retirement Systems of Alabama raised its stake in shares of Cytokinetics by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 143,495 shares of the biopharmaceutical company’s stock worth $6,750,000 after buying an additional 565 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Cytokinetics by 1.9% during the fourth quarter. Arizona State Retirement System now owns 32,366 shares of the biopharmaceutical company’s stock worth $1,522,000 after buying an additional 600 shares during the last quarter. Inspire Investing LLC lifted its holdings in Cytokinetics by 7.8% in the fourth quarter. Inspire Investing LLC now owns 8,504 shares of the biopharmaceutical company’s stock valued at $400,000 after buying an additional 616 shares during the period. Finally, Centricity Wealth Management LLC bought a new position in Cytokinetics in the fourth quarter valued at approximately $29,000.

Wall Street Analysts Forecast Growth

CYTK has been the topic of a number of analyst reports. Stifel Nicolaus initiated coverage on Cytokinetics in a research note on Wednesday, January 22nd. They issued a “buy” rating and a $80.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $120.00 target price on shares of Cytokinetics in a research note on Friday. Royal Bank of Canada boosted their target price on Cytokinetics from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Evercore ISI upgraded shares of Cytokinetics to a “strong-buy” rating in a research report on Friday, February 7th. Finally, Citigroup began coverage on shares of Cytokinetics in a report on Friday, February 7th. They set a “buy” rating and a $86.00 price objective 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.00.

Insiders Place Their Bets

In related news, CEO Robert I. Blum sold 15,000 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $40.75, for a total value of $611,250.00. Following the completion of the transaction, the chief executive officer now directly owns 427,629 shares of the company’s stock, valued at approximately $17,425,881.75. This trade represents a 3.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew Callos sold 3,341 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $43.27, for a total transaction of $144,565.07. Following the sale, the executive vice president now directly owns 64,434 shares in the company, valued at $2,788,059.18. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,284 shares of company stock valued at $2,578,268 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Cytokinetics Stock Down 7.8 %

Shares of Cytokinetics stock opened at $37.36 on Monday. The firm has a market cap of $4.42 billion, a PE ratio of -6.94 and a beta of 0.94. The business’s 50 day simple moving average is $44.93 and its 200 day simple moving average is $48.93. The company has a debt-to-equity ratio of 5.93, a quick ratio of 9.28 and a current ratio of 9.28. Cytokinetics, Incorporated has a 52-week low of $33.90 and a 52-week high of $75.71.

Cytokinetics (NASDAQ:CYTK) last posted 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 business had revenue of $16.93 million during the quarter, compared to analyst estimates of $14.26 million. On average, analysts predict that Cytokinetics, Incorporated will post -5.24 earnings per share for the current fiscal year.

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.