UBS downgraded Cytokinetics to Neutral from Buy with a price target of $92, up from $61. The firm’s previous bullish thesis on Phase 3 aficamten data has played out, and the stock trajectory is now likely contingent on M&A, which is difficult to predict, the analyst tells investors in a research note. UBS feels some level of M&A premium is already baked in and sees balanced risk/reward on consummation of M&A or “fizzling” of takeout possibility.
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