Cytokinetics price target raised to $78 from $48 at JPMorgan

JPMorgan analyst Tessa Romero raised the firm’s price target on Cytokinetics to $78 from $48 and keeps an Overweight rating on the shares. The analyst updated the company’s’ model after the recent disclosure of the pivotal SEQUOIA-HCM results for aficamten in hypertrophic cardiomyopathy. The firm raised its peak 2039 worldwide aficamten sales estimate in HCM to $3.8B from $3.0B. The stock’s current valuation, reflects the “overwhelmingly positive” topline results “which certainly have fundamental value but also increase the strategic/scarcity value of the asset,” the analyst tells investors in a research note.