In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Cytokinetics (CYTK – Research Report), with a price target of $120.00.
Joseph Pantginis has given his Buy rating due to a combination of factors related to Cytokinetics’ promising developments and strategic positioning in the market. The FDA’s extension of the PDUFA date for aficamten to December 2025 allows for a thorough review of the proposed Risk Evaluation and Mitigation Strategy (REMS), which Pantginis views as a positive step towards ensuring a favorable benefit-risk profile for the drug. The analyst remains confident in aficamten’s potential approval with a differentiated risk mitigation approach, which is expected to include reduced echocardiogram requirements and fewer contraindications compared to existing treatments.
Furthermore, recent updates to the label of a competing drug, Camzyos, are seen as beneficial for the overall category growth and uptake of cardiac myosin inhibitors (CMIs), including aficamten. Pantginis anticipates that aficamten will have a favorable commercial path due to its positive safety profile, minimal drug-drug interactions, and consistent clinical benefits. These factors, combined with the expectation of a differentiated label and REMS, contribute to Pantginis’s optimistic outlook and Buy rating for Cytokinetics’ stock.
In another report released today, Needham also maintained a Buy rating on the stock with a $72.00 price target.
Based on the recent corporate insider activity of 165 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.