Cytokinetics (CYTK) Surpasses FY14 Estimates Following Recent Astellas Deal; Roth Cap. Affirms at 'Buy'

Roth Capital comments on Cytokinetics (Nasdaq: CYTK) following Q4, FY14 results reported late Thursday. The firm retains a Buy rating and $18 price target on Cytokinetics following the numbers and update.

Analyst Joseph Pantginis noted that Cytokinetics reported FY14 loss of $0.41 per share with revenue of $46.9 million, versus the firm's loss estimate of $1.01 per share and revs of $29 million. The main reason for the difference is the Astellas payment from the recently announced partnership expansion. The company ended the year with $83.2 million in cash, the analyst said.

Pantginis continued, CYTK provided additional details on the upcoming Phase III study expected to start in 2Q15. Management highlighted the positive feedback from regulators, payers and patient advocacy groups regarding the potential Phase III study, including the importance of respiratory measures for ALS patients. The study is expected to be similar in size to BENEFIT-ALS, though it will last longer, allowing investigators to assess SVC with other respiratory measures. The initial open-label, run-in period will be extended to two weeks from one week to allow patients to get fully accustomed to the drug and its potential AEs and to decrease the number of subsequent patients going off-study due to AEs. Additionally, dose titration will be slower.

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

Cytokinetics closed at $6.49 yesterday.

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