Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Cytokinetics Inc (NASDAQ: CYTK) today and set a price target of $14. The company’s shares closed yesterday at $6.93, close to its 52-week low of $6.21.
Duncan commented:
“We reiterate our OW rating and 12-month price target of $14. Yesterday, after market close, Cytokinetics reported 3Q18 revenues of $10.6M & cash of $210.3M. Our model projects current cash will fund operations through 2020. Questions on the call centered on reldesemtiv. One concern derives from lower than expected exposure levels of relde’ and the impact these may have on the ongoing P2 FORTITUDE-ALS study. Although we believe an efficacy signal may still be observed, it could prove smaller than achievable with higher exposure levels based on the 6MWD activity in the completed SMA study. That said, at the current EV of ~ $210M, we believe that potential for omecamtiv to complete P3 is underappreciated, and the rest of the pipeline is ascribed limited, if any, value.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 1.0% and a 44.7% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Currently, the analyst consensus on Cytokinetics Inc is a Strong Buy with an average price target of $14.25, representing a 105.6% upside. In a report released today, Piper Jaffray also maintained a Buy rating on the stock with a $12 price target.
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Based on Cytokinetics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $27.52 million. In comparison, last year the company had a GAAP net loss of $32.36 million.
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Cytokinetics, Inc. operates as a biopharmaceutical company, which focuses on the discovery and development of muscle activators as potential treatment for debilitating diseases. It conducts a Phase 2 clinical trials program for tirasemtiv, including a Phase 2b clinical trial in patients with ALS, known as BENEFIT-ALS (Blinded Evaluation of Neuromuscular Effects and Functional Improvement with Tirasemtiv in ALS). The company was founded on August 5, 1997 and is headquartered in South San Francisco, CA.
