|New Price Target for Cytokinetics|
|By Staff and Wire Reports|
|Monday, 21 September 2009 13:14|
Shares of Cytokinetics, Inc (NASDAQ:CYTK), a biopharmaceutical company focused on the discovery and development of small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions, are trading migher after Wedbush Securities raised its target price on the comapny to $18 after the company's R&D day to reflect its skeletal muscle opportunity. The firm keeps an Outperform rating on the stock. Wedbush Securities is a leading financial services and investment firm that provides private and institutional brokerage, investment banking, private capital, research, and asset management to individual, institutional and issuing clients.
In late August, Cytokinetics presented the data from two phase IIa clinical trials evaluating omecamtiv mecarbil (formerly CK-1827452), one in stable heart failure patients and one in patients with ischemic cardiomyopathy and angina. The study was presented at the European Society of Cardiology (ESC) Congress 2009 in Barcelona, Spain.
Omecamtiv mecarbil, a novel cardiac muscle myosin activator, has been the subject of a clinical trials program comprised of multiple Phase I and Phase IIa trials.
This program was designed to evaluate the safety, tolerability, pharmacodynamics and pharmacokinetic profile of both intravenous and oral formulations of omecamtiv mecarbil for the potential treatment of heart failure across the continuum of care, in both hospital and outpatient settings.
Andrew Wolff, senior vice president of clinical research and development and CMO of Cytokinetics, said: "We believe the data from these phase IIa clinical trials evaluating omecamtiv mecarbil in heart failure patients provide additional support for our therapeutic hypothesis for this drug candidate that warrants further evaluation as an important potential treatment option in this complex disease. Now, together with our partner Amgen, we look forward to progressing into phase IIb clinical trials and evaluating the impact of this novel mechanism on other clinical aspects of heart failure."