B.Riley Reiterates Buy Rating on Cytokinetics (CYTK)

B.Riley analyst Mayank Mamtani reiterated a Buy rating and $108.00 price target on Cytokinetics (NASDAQ: CYTK)

The analyst comments "The IQVIA WSP weekly sales data of peer Bristol Myers Squibb's (BMY — Not Rated) CAMZYOS (mavacamten) indicate CMI class penetration rate strong, with Jan'26 weekly average of ~$23M translating to a ~$1.2B annualized U.S. run-rate and 71% Y/Y growth vs. Jan'25's ~$13.5M weekly average (Exhibit 3). FY25 IQVIA-tracked sales of ~$951M represented 102% Y/Y growth vs. ~$472M in FY24, underpinning the strong 3Q25/4Q25 beats vs. Street estimates ($296M vs. $237M and implied ~$290M vs. est., respectively). However, we note the current weekly trajectory reflects the pre-meaningful-Myqorzo-commercial-traction baseline, with CYTK's late-January launch and differentiated REMS profile now positioning aficamten to capture significantly higher than 50% of incremental new patient start as per our recent KOL checks. The implied ~11k active U.S. Camzyos patients, at $108k WAC, alongside BMY's disclosed ~30%/40%/50% Y1/Y2/Y3 attrition rates suggest a sizable ~5k churned patient switching pool in addition to the ~6.5k annual category adds that represent the primary near-term share grab population. We view the elevated weekly volatility, i.e., prior 8- week ranging between $14.9M-$28.5M as partly reflecting year-end dynamics. Importantly, Myqorzo's materially streamlined REMS i.e 0 vs. 12 DDI pharmacy calls, 2-8 week flexible echo window vs. fixed week 4/8/12, 0.5-2.0 months stabilization to maintenance dose vs. 3-9 months for Camzyos, should enable CYTK to bypass the 12-18 month market development phase BMY absorbed post April '22 approval and instead immediately address patients already identified but awaiting alternative therapy options due to REMS burden or LVEF safety concerns. Ph3 ACACIA-HCM nHCM readout in 2Q26 represents additional CMI category-defining catalyst for accelerating oHCM share capture even before nHCM label expansion."

For an analyst ratings summary and ratings history on Cytokinetics click here. For more ratings news on Cytokinetics click here.

Shares of Cytokinetics closed at $64.73 yesterday.

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