Cytokinetics Inc (CYTK) Receives a Buy from Cantor Fitzgerald


Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Cytokinetics Inc (CYTK) today and set a price target of $14. The company’s shares opened today at $8.88.

Duncan noted:

“. We reiterate our OW rating and 12-month and raise our price target from $10 to $14 per share of CYTK primarily driven by increased visibility on the omecamtiv (ome’) programs with the initiation of the P3 METEORIC-HF study and removal of the FORTITUDE-ALS overhang. On Thursday AMC Cytokinetics reported 1Q19 revenue of $8.5M & cash of $177M. Our model projects current cash provides two years of runaway (through 2020), which should include readout of the METEORIC-HF studies.”

According to TipRanks.com, Duncan is a 4-star analyst with an average return of 6.7% and a 49.2% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Crinetics Pharmaceuticals Inc, and KalVista Pharmaceuticals Inc.

Currently, the analyst consensus on Cytokinetics Inc is a Strong Buy with an average price target of $18, which is a 102.7% upside from current levels. In a report issued on May 6, H.C. Wainwright also reiterated a Buy rating on the stock with a $26 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.

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