Why Cytokinetics (CYTK) Shares Are Trading Higher Today?

Cytokinetics Incorporated CYTK shares continue to move forward after it announced positive REDWOOD-HCM Phase 2 data for CK-274 and garnered favorable comments from analysts.

  • On Tuesday, Barclays raised Cytokinetics price target to $40 from $28, equivalent to an upside of around 30%, and kept an Overweight rating. 
  • Analyst Carter Gould views yesterday's data as "highly favorably" and sees them as both de-risking and differentiating on efficacy" versus MyoKardia's mavacamten.
  • Cantor Fitzgerald also raised the target price to $48 from $35, with an Overweight rating unchanged. 
  • Analyst Charles Duncan has enhanced conviction in CK-274, resulting from positive Phase 2 data.
  • Monday afternoon, the Company announced equity raise of $200 million to support the Phase 3 clinical trial of CK-274.
  • See the offering prospectus here.
  • Price Action: CYTK Shares are up 8.35% at $29.26 during the market session on the last check Tuesday.

Posted In: BriefsBiotechNewsHealth CareFinancingPrice TargetOfferingsAnalyst RatingsGeneral

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