Truist defends Cytokinetics, still sees ‘best-in-class potential’

Truist is defending shares of Cytokinetics after the company presented Phase 3 clinical trial of aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy. Key opinion leaders are very positive on the data presented at the Heart Failure 2024 conference, the analyst tells investors in a research note. The firm believes the weakness in stock is overdone. Based on the data presented today and key opinion leader feedback, the drug will be approved with “best-in-class potential” and potential for less onerous risk evaluation and mitigation strategy, the analyst tells investors in a research note. Truist keeps a Buy rating on Cytokinetics with an $86 price target. The stock in afternoon trading is down 5% to $59.10.