Boston, MA 03/28/2014 (wallstreetpr) – Cytokinetics, Inc. (NASDAQ:CYTK) is poised to benefit from a milestone payment from Astellas Pharma Inc as it brings its skeleton muscles activator drug CK-2127107 to the next level of Phase I trial. The company announced that it is launching what is known as placebo-controlled, randomized and double-blind clinical study of the drug. The study has been dubbed CY5012. Thus, in the CY5012, the company will be seeking to get to the bottom of the drug’s tolerability and safety among other issues related to drug’s dosage and usage. As this happens, Cytokinetics, Inc. (NASDAQ:CYTK) prepared to receive $2 million in milestone payment under its collaboration terms with Astellas Pharma Inc. The two companies entered collaboration agreement in June 2013.
Flamel Technologies S.A. (ADR) (NASDAQ:FLML) had view in its stock upped by equities experts at Ladenburg Thalmann. The analysts issued a buy recommendation in the stock and adjusted their price target to $18 per share from $10 in the previous note. Looking at the stock’s previous closing price of $12.94 (Thursday up 7.8 percent), the newly issued price target implies upside potential of more than 46 percent. At least five brokerages are currently tracking the stock and this has resulted in the stock bearing consensus rating of buy and average price target of $13.46. The specialty biopharma reported fourth quarter 2013 revenue of $6.2 million, down from $7.3 million realized in the comparable quarter of 2012. The decline in the revenue of Flamel Technologies S.A. (ADR) (NASDAQ:FLML) was due to the lackluster performance in the license and research segments.
It seems confusion marred the recent press release issued by Plug Power Inc (NASDAQ:PLUG). It had been reported that the company’s CEO Andy Marsh would reveal details of a major deal with a leading global automaker. The announcement was however taken out of context to mean that a new deal had been inked; but far from it, the CEO clarified (having learnt of the mix-up) that he was referring to the announcement made on March 13, whose details are coming in the weeks ahead. Needless to say, shares of Plug Power Inc (NASDAQ:PLUG) benefited from the confusion.
