Srikripa Devarakonda, an analyst from Truist Financial, maintained the Buy rating on Cytokinetics (CYTK – Research Report). The associated price target is $70.00.
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Srikripa Devarakonda has given his Buy rating due to a combination of factors related to the competitive landscape and market potential for Cytokinetics. Despite recent market volatility influenced by Bristol Myers Squibb’s commentary on Camzyos, Devarakonda views this as an opportunity, emphasizing that aficamten, Cytokinetics’ product, has a strong competitive profile. This profile could secure significant market share in hypertrophic cardiomyopathy (HCM) upon approval, even if there are changes in regulatory monitoring requirements for Camzyos.
Devarakonda highlights that key opinion leaders (KOLs) show a preference for aficamten, particularly due to its advantages such as no need for dose interruption and no reported fetal toxicity. Furthermore, the expanding HCM market and diagnosis rates suggest room for both aficamten and Camzyos, potentially increasing the overall use of myosin inhibitors. Therefore, he sees potential benefits for Cytokinetics in this growing market, supporting the Buy rating.
In another report released yesterday, B.Riley Financial also maintained a Buy rating on the stock with a $88.00 price target.
Based on the recent corporate insider activity of 139 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year.