Cytokinetics (CYTK) PT Raised to $17 at Needham & Company on Expanding Astellas Collaboration

Needham & Company analyst Chad Messer reiterated a Buy rating and raised its price target on Cytokinetics (NASDAQ: CYTK) to $17.00 (from $15.00) after Astella announced it is expanding its collaboration with Cytokinetics for a second time, this time picking up rights to both tirasemtiv and CK-107 is amyotrophic lateral sclerosis (ALS).

"We believe this deal both further validates the tirasemtiv program and brings important cash resources to Cytokinetics at a critical stage of its execution," Messer said. "Cytokinetics could receive another $25-50M in milestones collectively from Astelllas and Amgen in the next year. We continue to await the announcement of Amgen's decision to advance omecamtiv into Phase III in heart failure and view this milestone as an important upcoming driver."

For an analyst ratings summary and ratings history on Cytokinetics click here. For more ratings news on Cytokinetics click here.

Shares of Cytokinetics closed at $9.89 yesterday.

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