Canaccord Genuity Reiterates Buy Rating, $22 PT on Cytokinetics on CK357 Potential

In a report published Wednesday, Canaccord Genuity analyst Ritu Baral reiterated a Buy rating and $22.00 price target on Cytokinetics CYTK. In the report, Canaccord Genuity noted, “Reiterate BUY; $22 target on potential of CK357 in ALS and AMGN-partnered omecamtiv in heart failure. We think CK357 (tirasemtiv) Phase 1/2 proof-of-concept data in ALS shows unique (if early) efficacy potential. Ph2 data due Q4/13 could be a key catalyst. We also think recent developments point to the early Sept. Ph2 ATOMIC data being positive, which could also be a strong catalyst. Our $22 price target is based on a pNPV analysis.” Cytokinetics closed on Tuesday at $12.05.