Cytokinetics (NASDAQ:CYTK) Crushed Even with Promising CK357

Cytokinetics (NASDAQ:CYTK) got hammered Monday, even with some positive outlooks for its CK357, which may be beneficial to sufferers of ALS.

Canaccord said, "CK357 Phase 2 ALS efficacy data shows promise of real clinical benefit in ALS. We think CK357 has a strong mechanistic rationale in ALS and muscle-wasting diseases, and very promising new Phase 2 efficacy data. We think CYTK’s partner Amgen will continue to advance Phase 2 omecamtiv in heart failure trials in 2011. Our $6 price target is based on a pNPV analysis."

Canaccord Genuity maintains a "Buy" on Cytokinetics, which closed Monday at $2.28, down $0.65, or 22.18 percent. Canaccord has a price target of $6 on them.