Cowen Reiterates Outperform on Cytokinetics, Inc. (CYTK) Following 3Q:16 Update
In a research report released Friday, Cowen analyst Ritu Baral reiterated an Outperform rating on shares of Cytokinetics, Inc. (NASDAQ:CYTK) with a price target of $16, following the company’s third-quarter financial results and update on its pipeline. Cytokinetics shares are currently trading at $10.00, up $1.17 or 13.25%.
Baral noted, “CYTK reported 3Q16 EPS of $0.79 versus consensus $(0.29). CYTK granted Astellas an option right for the development and commercialization of tirasemtiv and CK-107 for Amyotrophic Lateral Sclerosis(ALS) outside U.S., Canada, and Europe for $65M upfront and $30M in additional sponsored R&D. This enhanced its cash position to $151M, proforma, which would represent 18+ months of cash in our model.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a yearly average return of 3.7% and a 37% success rate. Baral has a 18.3% average return when recommending CYTK, and is ranked #678 out of 4188 analysts.
As of this writing, all the 6 analysts polled by TipRanks rate Cytokinetics stock a Buy. With a return potential of 90%, the stock’s consensus target price stands at $19.20.