Needham & Company Bullish on Cytokinetics (CYTK) Into Omecamtiv Phase IIb Read-Out Midyear

April 2, 2013 7:41 AM EDT
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Price: $10.85 -1.36%

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    Up: 22 | Down: 32 | New: 34
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Needham & Company reiterated its Buy rating and $2.50 price target on Cytokinetics (NASDAQ: CYTK) ahead of the Omecamtiv Phase IIb read-out midyear.

"We recommend purchase of CYTK shares ahead of the first of two potentially game-changing data read-outs this year," analyst Chad Messer said. "Partner Amgen will release top-line results to the Phase IIb ATOMIC-AHF trial of omecamtiv mecarbil in acute heart failure around mid-year. Earlier clinical data demonstrated a significant improvement in heart function by echocardiogram. Cytokinetics will also report data from the Phase IIb BENEFIT-ALS study in late 2013. We would expect positive data from either trial to result in major appreciation for CYTK shares."

A 2nd major driver is around year end with Tirasemtiv data. "CYTK anticipates enrolling the 400-patient BENEFIT-ALS study of tirasemtiv in ALS patients by mid-2013, with data later this year. While ALS is a tough indication, we have now seen evidence that tirasemtiv can improve muscle function in 3 Phase II studies (myasthenia gravis, ALS, and claudication), giving us confidence in tirasemtiv activity. We believe positive data would set Cytokinetics up for a major partnership and also for a significant rally."

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 $1.14 yesterday.

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