Needham & Co Downgrades Cytokinetics (CYTK) to Hold; Lack of Near Term Catalysts
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Needham & Co downgrades Cytokinetics Inc. (Nasdaq: CYTK) from Buy to Hold.
Needham analyst says, "We believe there will be a lack of sentinel events over the next 6-12 months to drive CYTK stock valuation higher, due to a delay in the Phase 2b initiation of CK- 452 in CHF with partner Amgen and lack of near term catalysts from Cytokinetics’ other internal programs and external collaborations. We continue to believe in the potential of CK-452 in heart failure, and we agree with the Company and Amgen’s decision to take prudent steps to optimize the design of the Phase 2b study and its potential for clinical trial success. We also agree with the management’s thoughtful approach in developing CK-357. A partnership for the CK-357 program and acceleration of CK-452 Phase 2b trial."
To see more analyst ratings on CYTK Click Here.
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