After Cantor Fitzgerald and JMP Securities gave Cytokinetics Inc (NASDAQ: CYTK) a Buy rating last month, the company received another Buy, this time from H.C. Wainwright. Analyst Joseph Pantginis reiterated a Buy rating on Cytokinetics Inc today and set a price target of $26. The company’s shares closed last Monday at $12.39.
“Valuation and potential impediments to achieving it. We reiterate our Buy rating and $26 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 (10.2% for SMA and 6.3% for ALS) with no contribution from the pipeline, especially CK-274, which is now clinical stage. Our price target is based on our clinical net present value (NPV) model.”
According to TipRanks.com, Pantginis ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -8.2% and a 35.8% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Lineage Cell Therapeutics, Inc., Applied Genetic Technologies, and Iovance Biotherapeutics Inc.
Currently, the analyst consensus on Cytokinetics Inc is a Strong Buy with an average price target of $19.17, implying a 47.5% upside from current levels. In a report issued on September 6, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $20 price target.
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The company has a one-year high of $14.94 and a one-year low of $5.75. Currently, Cytokinetics Inc has an average volume of 414.1K.
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year.
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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.