Canaccord Adams Initiates Coverage on Cytokinetics (CYTK) with a Buy

November 18, 2009 9:32 AM EST

Canaccord Adams initiates coverage on Cytokinetics (Nasdaq: CYTK) with a Buy. Price target $7.

Canaccord analyst says, "CYTK is one of few biotechnology companies developing drugs that directly target muscle function. CYTK was founded on science and technology focused on the intracellular cytoskeleton, the protein network inside cells that gives shape and structure. Intracellular cytoskeletons are dynamic structures that confer directed movement and are especially important for muscle function. Cytokinetics is currently focused on developing first-in-class therapies that directly improve muscle function in diseases where this can confer clinical benefit. There are very few (if any) players in the drugs for muscle diseases, and most of Cytokinetics’ drug candidates are first-in-class therapies. We believe there is currently no other company with as deep an expertise or as strong a corporate focus on muscle biology as Cytokinetics. The company’s drugs also address diseases that have very poor treatment options and represent significant unmet medical needs."

"We believe that Cytokinetics’ muscle function drugs have modest clinical risk despite being
first in class...We think that CYTK’s skeletal muscle program has the potential to yield unique drugs with significant market potential...We believe that CK-2017357, Cytokinetics’ lead skeletal muscle drug, has significant potential in ALS, which represents a significant unmet medical need...Cytokinetics’ skeletal muscle drugs like CK-2017357 can be efficiently developed, and we expect positive proof-of-concept efficacy data in ALS and possibly myasthenia gravis during 2010...We believe that CK-2017357 also has potential in other muscle-wasting disease states or conditions with poor treatment options."

To see all the upgrades/downgrades on shares of CYTK, visit our Analyst Ratings page.

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