BUZZ-Cytokinetics declines on pricing of public offering

Reuters05-23

** Shares of Cytokinetics fall 14.7% to $50.55 in premarket trading

** Co, after markets closed on Tuesday, offered 9.8 million shares of common stock at $51 per share

** Offering priced at ~14% discount since last closing price

** CYTK enters expanded funding deal with Royalty Pharma which will provide co with up to $575 mln to support commercial launch of its experimental heart disease drug Aficamten and advance its R&D pipeline

** Leerink Partners cuts PT to $88 from $92, says above developments "might not be what investors were hoping for"

** Jefferies cuts PT by $10 to $85, says CYTK joined a long list of biotechs that eventually raised equity at a valuation that's meaningfully lower than a few months ago

** 16 of 19 brokerages rate stock "buy" or higher and three "hold"; their median PT is $94

** As of last close, stock down 29% YTD, compared with a 11.93% rise in Nasdaq index

(Reporting by Nikhil Sharma in Reuters)

((nikhil.sharma@thomsonreuters.com))

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