Needham & Company Positive on Cytokinetics (CYTK) as Amgen to Move Ahead with Omecamtiv Phase III
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Needham & Company analyst Chad Messer reiterated a Buy rating and $17 price target on Cytokinetics (NASDAQ: CYTK) after Amgen (NASDAQ: AMGN) made its long awaited decision to move forward with a Phase III study for omecamtiv in heart failure. Concurrently Servier announced it is exercising its option to commercialize omecamtiv in Europe.
"We believe this was a likely gating factor as Servier will now help fund a portion of the large and expensive outcomes study," Messer COMMENTED. "We look for the trial to start in 4Q but it will take several years to read out. We view this important milestone as a key validator for omecamtiv which has been subject to a large degree of controversy and investor skepticism. We view any sell off due to profit taking today as a buying opportunity. We are optimistic for a positive readout of VITALITY ALS in 2H:17 and remain buyers of CYTK shares ahead of this additional key driver as well as 2 Phase II read outs for CK-107 next year."
Shares of Cytokinetics closed at $12.07 yesterday.
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