Needham analyst Serge Belanger has maintained their bullish stance on CYTK stock, giving a Buy rating today.
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Serge Belanger has given his Buy rating due to a combination of factors surrounding Cytokinetics’ strategic developments and potential market opportunities. The recent update on the company’s first-quarter performance highlighted the submission of a Risk Evaluation and Mitigation Strategy (REMS) for aficamten, which has led to a three-month delay in the FDA’s decision timeline. Despite this delay, the expectation remains that aficamten will be approved, and there are still significant opportunities for differentiation from competing products.
Belanger sees potential in upcoming trial results, particularly the MAPLE-HCM Phase 3 trial and the ACACIA-HCM trial, which could further enhance aficamten’s market position. The analyst maintains a positive outlook on Cytokinetics, emphasizing the potential for aficamten to stand out in the market through these trials and strategic developments. This optimistic view is reflected in the Buy rating and a price target of $72, indicating confidence in the company’s future growth prospects.
In another report released today, Evercore ISI also maintained a Buy rating on the stock with a $60.00 price target.
Based on the recent corporate insider activity of 166 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.