Piper Jaffray upgraded Cytokinetics (NASDAQ: CYTK) from Neutral to Overweight with a price target of $13.00 (from $7.00), suggesting 100% upside from current levels.

Analyst Charles Duncan commented, "Cytokinetics reported 4Q/FY14 results yesterday, ending '14 with $83M in cash which combined with inflows already in '15 should fund operations through 2 years, including the planned Phase III for tirasemtiv in ALS. The tira' Phase III is expected to start in 2Q and cost roughly $25-50M. Although it has been a nearly 10 month process, we believe the company has been diligent on evaluating the clinical significance of its observed slowing respiratory decline (as measured by slow vital capacity, SVC) from its Phase II BENEFIT-ALS trial, and has worked closely with KOLs, the advocacy community and, importantly regulatory authorities for defining a pivotal path for tira' in ALS."

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Shares of Cytokinetics closed at $6.49 yesterday.