Stifel Reiterates Buy Rating on Cytokinetics (CYTK)

Stifel analyst James Condulis reiterated a Buy rating and $96.00 price target on Cytokinetics (NASDAQ: CYTK).

The analyst commented, "CYTK shared longer-term FOREST-HCM non-obstructive data that overall, we think are supportive for aficamten/ACACIA-HCM. Efficacy remains consistent, while most importantly: >75% patients are on 15/20mg doses, while LVEF (less than 50% remains infrequent (4 over 96-wks). This is important in the context of ODYSSEY's failure, which we continue to think suggests: (1) CMI's have benefit in nHCM (p=0.056/p=0.066); (2) mavacamten wasn't the right tool for the job (~40% at ≤5mg; ~25% w/treatment interruptions); and (3) aficamten--with superior PK/wider TI and better dosing (no tx interruptions at LVEF less than 50%)--should have a good shot. Placebo remains a focus given ODYSSEY's data (KCCQ 10.4-pts; vs. afi's 11.2-pts)--it's an important open question, though it is an outlier vs. other HCM trials (including MAVERICK--like oHCM, placebo was ~5-pts), while we think CYTK's expertise running HCM trials is important. Overall we think the stock continues to under-appreciate the credible optionality of afi being the first/only drug for the HCM spectrum."

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 $50.40 yesterday.

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