Cytokinetics price target lowered to $71 from $82 at JMP Securities

JMP Securities analyst Jason Butler lowered the firm’s price target on Cytokinetics to $71 from $82 and keeps an Outperform rating on the shares. The FDA Advisory Committee voted 8-3 against approval of omecamtiv mecarbil for the treatment of patients with heart failure with reduced ejection fraction, with concerns raised by panel members included modest magnitude of effect and lack of benefits on CV mortality or quality of life, Butler tells investors in a research note. The analyst believes there remains a path for the FDA to set aside the committee’s recommendation, but is removing omecamtiv from the firm’s model model until there is further clarity, and views any downward pressure on the stock this morning as a further buying opportunity.