Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Cytokinetics (CYTK – Research Report) and keeping the price target at $120.00.
Joseph Pantginis’s rating is based on the favorable risk-benefit profile of Cytokinetics’ drug candidate, aficamten, which is nearing regulatory approval. The drug has shown promising results in Phase 2 and 3 trials, demonstrating its potential as a leading treatment for hypertrophic cardiomyopathy (HCM) with no significant safety concerns such as atrial fibrillation, which has been a concern for competitor drugs.
Additionally, Pantginis highlights that aficamten’s clinical data suggests it may require less frequent monitoring compared to its competitors, further enhancing its appeal. The analyst believes that these factors position aficamten as a best-in-class cardiac myosin inhibitor, supporting the Buy rating for Cytokinetics’ stock.
In another report released yesterday, JMP Securities also reiterated a Buy rating on the stock with a $78.00 price target.
Based on the recent corporate insider activity of 152 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year.