Stifel Reiterates Buy Rating on Cytokinetics (CYTK)

Stifel analyst James Condulis reiterated a Buy rating and $87.00 price target on Cytokinetics (NASDAQ: CYTK).

The analyst commented, "We hosted CYTK on our Biotech Bus Tour where we sat down with EVP R&D Fady Malik, CFO Sung Lee, and CBO Isaac Ciechanover. We discussed: (1) the recent PDUFA delay—a “calculated risk” but one that was very reasonable based on extensive dialogue with the agency; (2) aficamten's potential REMS/labeling—there are multiple aspects for afi to meaningfully differentiate (titration/echo windows/DDIs); (3) launch dynamics— being a second mover is a major tailwind; (4) nHCM—confident aficamten/ACACIA are fundamentally different vs. ODYSSEY; (5) competition—they believe aficamten sets a very high bar; and (6) BD/cash position—CYTK believes their balance sheet (and potential near-term capital from Royalty-Pharma) is sufficient to fund afi's launch and multiple pipeline readouts. Bottom line: while the PDUFA delay was disappointing (and arguably creates some lack of urgency to own in the near-term), we're confident in a best-in-class opportunity for aficamten that (notwithstanding any additional upside from nHCM, HFpEF, etc.) remains significantly discounted in shares today."

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 $30.54 yesterday.

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