Cantor Fitzgerald analyst Charles Duncan maintained a Buy rating on Cytokinetics Inc (CYTK) yesterday and set a price target of $10. The company’s shares closed on Friday at $8.85.
Duncan wrote:
“. We maintain our Overweight rating, but are reducing our 12-month price target to $10 from $11 on CYTK shares. Cytokinetics presented data from its P2 FORTITUDE-ALS study of reldesemtiv for ALS at AAN’19. Acknowledging that relde’ dosing may have been challenged per the previous SMA P2, and given that this was a P2a study in a tough-to-treat patient population, we had anticipated that it would require no small amount of interpretation.”
According to TipRanks.com, Duncan is a 4-star analyst with an average return of 7.5% and a 50.9% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.
Cytokinetics Inc has an analyst consensus of Strong Buy, with a price target consensus of $14.67, which is a 65.8% upside from current levels. In a report issued on April 23, H.C. Wainwright also maintained a Buy rating on the stock with a $21 price target.
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Based on Cytokinetics Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $26.47 million. In comparison, last year the company had a GAAP net loss of $30.28 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.
