Benzinga | Jul 20, 2021 02:21PM EDT

Why Cytokinetics (CYTK) Shares Are Trading Higher Today?

Cytokinetics Incorporated (NASDAQ: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.