H.C. Wainwright Maintains a Buy Rating on Cytokinetics Inc (CYTK)

H.C. Wainwright analyst Joseph Pantginis maintained a Buy rating on Cytokinetics Inc (NASDAQ: CYTK) today and set a price target of $21. The company’s shares opened today at $8.80.

Pantginis observed:

“Valuation and potential impediments to achieving it. We maintain our Buy rating but are reducing our price target to $21 from $24. The drivers to our valuation change include: (1) removal of COPD indication from our reldesemtiv projections; and (2) decreasing our reldesemtiv chance of success for ALS from 15% to 10%. We previously did not include any projections for elderly frailty with reldesemtiv in our projections.”

According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -5.8% and a 37.2% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cytokinetics Inc with a $14.50 average price target, representing a 64.8% upside. In a report issued on September 20, Cantor Fitzgerald also initiated coverage with a Buy rating on the stock with a $14 price target.

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The company has a one-year high of $15.95 and a one-year low of $6.21. Currently, Cytokinetics Inc has an average volume of 257.4K.

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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.