Cytokinetics (CYTK) PT Raised to $24 at Piper Jaffray

Piper Jaffray analyst Charles Duncan reiterated an Overweight rating and boosted his price target on Cytokinetics (NASDAQ: CYTK) to $24.00 (from $17.00), saying Phase 3 and other progress moves its platform into the mainstream for 2016.

Duncan commented, "Heading into a busy 2016 for Cytokinetics and based on enhanced conviction in its pipeline assets, we revisit our model and are increasing our price target from $17 to $24. The change is driven by increased confidence in the probability that omecamtiv will soon move into (and succeed in) Phase III based on recent COSMIC-HF data, with further details on trial design anticipated in 1Q16. In addition, our price target is supported by a newly added revenue model for Astellas-partnered CK-107 in spinal muscular atrophy (SMA) and value for this asset from other indications as it advances into Phase II during 1Q16. Overall, we continue to see Cytokinetics as the leader in muscle-biology as it leverages its novel platform activators to demonstrate potential in several diverse indications, and we reiterate our OW."

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 $11.31 yesterday.

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