Needham & Company Positive on Cytokinetics (CYTK) as Amgen to Move Ahead with Omecamtiv Phase III
- Stocks flat as earnings roll in, Comcast drags Nasdaq
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- CenturyLink (CTL) in Advanced Talks to Merge with Level 3 (LVLT) - DJ
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Raises Price Target on AXT, Inc. (AXTI) Following 3Q Beat and Guidance
- Jefferies Raises Price Target on General Dynamics (GD) Following 3Q
- Jefferies Cuts Price Target on VCA Antech (WOOF) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, FDA
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!