As reported earlier, Needham analyst Chad Messer downgraded Cytokinetics to Buy from Strong Buy and cut his price target to $12 from $22 after the company's Phase 3 study of tirasemtiv inamyotrophic lateral sclerosis failed to reach its efficacy endpoints. Messer says the culprit was the high dropout rates due to the tolerability issues of tirasemtiv. The analyst notes that the company will now turn its focus to developing CK-107, which has a superior tolerability profile. Messer adds that the Buy rating still reflects his expectations of potential value creation from CK-107 in FY18.