Cytokinetics price target raised to $26 from $21 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis raised his price target for Cytokinetics to $26 from $21 and keeps a Buy rating on the shares. While the Phase 2 trial testing reldesemtiv in patients with amyotrophic lateral sclerosis missed its endpoint misses, reldesemtiv activity was “clear and broad,: setting up the next steps, Pantginis tells investors in a research note titled “Bad Headline, Impressive Data; Reldesemtiv Effects Consistent; Target Increased to $26.” The analyst believes the data show important characteristics of reldesemtiv, including comparable effects across all doses, consistent effects across all timepoints, and durability of the effects.

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