Wall Street bullish on Cytokinetics following positive trial results By Investing.com

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<span>© Reuters Wall Street bullish on Cytokinetics (CYTK) following positive trial results</span><br />
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<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Cytokinetics </span></span> </span></span> </span></span> (NASDAQ:) shares surged more than 82% Wednesday on the back of the positive results from its experimental heart treatment study. </p>
<p>Cytokinetics revealed that in a key Phase 3 study, its drug, Aficamten, “significantly improved exercise capacity compared to placebo.” Here’s how Wall Street analysts reacted to the news:</p>
<p>Barclays analysts raised the firm’s price target for CYTK to $100 per share from $58, maintaining an Overweight rating. They said: “We view aficamten as a compelling, largely de-risked asset, addressing a nascent, but potentially large TAM with tailwinds from rising diagnosis rates and higher treatment rates, potentially supporting our peak sales estimate.”</p>
<p>UBS analysts maintained a Buy rating and $61 price target on the stock, stating the results were a near best-case scenario. “We expect CYTK stock to react positively to the topline SEQUOIA read-out,” they noted. The analysts mentioned that the safety data was impressive, while efficacy was a best-case scenario. They also said the potential titration schedule is key. </p>
<p>JPMorgan analysts kept an Overweight rating on CYTK shares, saying they expect shares “to work into 2024.”</p>
<p>“We are not surprised to see CYTK shares overshoot our outlined range of mid-$40s to mid-$50s on our best case/bull case on the upside today as the market contemplates potential strategic value for the asset at least in the near term,” they said. “Next steps include further interactions with the FDA and EMA to then be followed by marketing applications potentially in 2H24.”</p>
<p>CYTK remains on the JPMorgan Analyst Focus List as a growth idea, but the results mean it has now been removed from the bank’s Positive Catalyst Watch.</p>
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