BofA Securities Reiterates Neutral Rating on Cytokinetics (CYTK)

BofA Securities analyst Jason Zemansky reiterated a Neutral rating and $60.00 price target on Cytokinetics (NASDAQ: CYTK).

The analyst comments "Yesterday at the ACCP Annual Meeting, Cytokinetics presented first in human data for its next-gen cardiac myosin inhibitor CK-586. The results, obtained from healthy volunteers from the single/multiple ascending dose escalation phase 1 were mixed, in our view. On one hand, the PK/PD were supportive of daily dosing, a key product attribute, with some early signals of efficacy (see below). That said, safety was more problematic, where beyond high rates of GI issues, one patient’s LVEF dropped <50%, raising the prospect of a potential REMS with negative commercial read-throughs. To be fair, much more data are needed, least of which includes ‘586’s potential clinical benefit. But even as we suspect few on the Street gave much credit to the program given its early stage, we wouldn’t be surprised if many remain cautious absent much more data. With shares likely to continue to remain rangebound, reiterate Neutral and $60 PO."

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 $54.09 yesterday.

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