H.C. Wainwright Sticks to Its Buy Rating for Cytokinetics Inc (CYTK)


In a report released today, Joseph Pantginis from H.C. Wainwright maintained a Buy rating on Cytokinetics Inc (CYTK), with a price target of $21. The company’s shares closed yesterday at $8.47.

Pantginis said:

“Valuation and potential impediments to achieving it. We maintain our Buy rating and $21 price target. We highlight that omecamtiv, partnered globally with Amgen, drives the lion’s share of our current valuation (>80%). Reldesemtiv (CK-107) represents the remainder of the contribution to our valuation (15.1% for SMA and 3.5% for ALS) with no contribution from the pipeline. We highlight that our projections for reldesemtiv in ALS could be considered quite conservative, 10% chance of success for late Phase 2 asset and $750 million peak sales, but takes into consideration the underlying perceived risk for ALS.”

According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -4.0% and a 32.6% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

Cytokinetics Inc has an analyst consensus of Strong Buy, with a price target consensus of $15.

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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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