Jason Zemansky, an analyst from Bank of America Securities, reiterated the Hold rating on Cytokinetics. The associated price target was raised to $62.00.
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Jason Zemansky has given his Hold rating due to a combination of factors that influence the competitive landscape for Cytokinetics. While the company’s focus on aficamten presents a promising narrative, the anticipated advantages of this HCM therapy over Bristol’s Camzyos appear less distinct than initially expected. Although aficamten may offer benefits such as flexible initiation and recent clinical successes, the competitive edge might be hindered by Bristol’s established position and commercial experience in the cardiovascular space.
Moreover, the FDA’s decision to approve aficamten with a REMS poses a significant challenge for its market uptake. The restrictions associated with REMS could impede Cytokinetics’ efforts to expand its market share, especially in transitioning to first-line treatment and community practices. Despite the potential for aficamten to achieve strong performance, uncertainties about its competitive positioning and market opportunity persist, leading to a Hold rating while maintaining a price objective of $62.