Cytokinetics price target lowered to $48 from $54 at JPMorgan

JPMorgan analyst Tessa Romero lowered the firm’s price target on Cytokinetics to $48 from $54 and keeps an Overweight rating on the shares. The analyst says the Phase 3 SEQUOIA-HCM results evaluating the company’s lead clinical-stage asset aficamtenon top of background therapies in obstructive hypertrophic cardiomyopathy are expected by year-end. The firm sees a high probability of SEQUOIA-HCM reading out positively with its base case remaining safety superiority relative to Bristol Myers’ Camzyos. However, it reflects a more conservative market potential scenario as its base case.