Cytokinetics downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung downgraded Cytokinetics to Equal Weight from Overweight with a price target of $90, up from $60. While the firm continues to like Cytokinetics and sees potential for additional upside, it thinks shares are close to being fully valued shares having appreciated almost 90% following last week’s positive topline aficamten Phase 3 SEQUOIA-HCM data, the analyst tells investors. The aficamten results read out positively, clinically de-risking the program for treating obstructive hypertrophic cardiomyopathy, or oHCM, and strength may additionally be attributable in part to reports from Bloomberg and other media outlets that pharmaceutical companies may be interested in acquiring Cytokinetics, the analyst noted.