Needham & Company Sees 150% Upside in Cytokinetics (CYTK) after Expanded Amgen (AMGN) Deal

June 13, 2013 7:34 AM EDT Send to a Friend
Get Alerts CYTK Hot Sheet
Price: $3.26 -4.12%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 39 | Down: 10 | New: 33
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Needham & Company's Chad Messer boosted his price target on Buy-rated Cytokinetics (NASDAQ: CYTK) from $2.50 to $3.50 Thursday, following expansion of the Amgen (NASDAQ: AMGN) deal for heart failure drug Omecamtiv in Japan.

"While a positive event in and of itself, we believe the timing of the deal reflects Amgen's confidence in the program and increases our confidence in the outcome of the ongoing Phase IIb ATOMIC-HF study, which should report out as early as this month," Messer said.

The ATOMIC-HF study could be a major driver for the stock, according to the analysts.

"Enrollment in ATOMIC is complete and partner Amgen is working to lock the study
database. Top line data is expected mid-year. The primary endpoint is the reduction of dyspnea (shortness of breath) during a 48 hour infusion, but we believe as long as Amgen concludes there is sufficient efficacy to support starting a pivotal trial, CYTK shares should stage a significant rally. In January Amgen initiated the COSMIC-HF study testing 3 oral doses of omecamtiv. We continue to expect data from ATOMIC and COSMIC to inform a pivotal iv-to-oral study in 2014."

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 $1.40 yesterday.


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