Keeps outperform and raises target from $7 to $8.
The following is from another board. Can anybody confirm?


CS: Cytokinetics Inc. (CYTK) OUTPERFORM [V] M. Aberman
CP: US$ 4.27 TP: US$ 8 CAP: US$ 259.6m
Delay in Omecamtiv Disapponiting but Offset by Advancement of CK-357, Raising Estimates and Target Price to $8 (from $7)

• Action/Event: Cytokinetics reported GAAP EPS of ($0.14) on revenues of $ 5.5 M. The company also announced that Amgen
will pursue additional PK work before moving omecamtiv into Phase IIb, which will now take place in 2011. We have updated
our model to account for this delay but it is offset by moving the skeletal muscle forward, and we remain Outperform-rated
with a $8 (from $7) price target.

• Investment Case: The delay in Phase IIb initiation of omecamtiv is certainly disappointing, but we are not surprised that
Amgen would want additional PK work given the narrow therapeutic index and the portion of heart failure patients with renal
dysfunction. The delay in starting Phase IIb has a negative impact on our probability adjusted NPV model, but only modestly.
On the positive side, we are encouraged by the absence of adverse events in the ongoing Phase I study of CK-357 in healthy
volunteers at doses that are biologically active in animal models. While the program is early, we are including the skeletal
muscle program into our NPV analysis which offsets the delay in Phase IIb development of omecamtiv. Ultimately, we
continue to believe the stock is undervalued as we look forward to more data from the skeletal muscle program in the coming
year.

• Catalysts: The next catalysts include Phase I data from healthy volunteers for the skeletal muscle program, CK-357, Phase II
evidence of effect trials in several indications in 2010, and advancement of the smooth muscle program.

• Valuation: Our new $8 price target is based on a probability-adjusted NPV model.