In a report released today, Jason Zemansky from Bank of America Securities maintained a Hold rating on Cytokinetics (CYTK – Research Report), with a price target of $54.00.
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Jason Zemansky has given his Hold rating due to a combination of factors that influence Cytokinetics’ current market position and future prospects. Despite the anticipated success of the MAPLE trial, concerns remain about the limited first-line use of aficamten in treating obstructive hypertrophic cardiomyopathy (oHCM). The company’s shares have underperformed year-to-date, reflecting skepticism about the competitive landscape and potential market expansion.
Furthermore, while experts expect positive outcomes from the MAPLE trial, they caution that the benefits may not significantly surpass those of existing treatments, particularly due to the inclusion of healthier patients and the effectiveness of comparators like metoprolol. Additional challenges such as payer resistance, limited prescriber use outside academic centers, and high out-of-pocket costs contribute to the uncertainty surrounding the drug’s market penetration. Consequently, without clearer insights into the first-line opportunity, Zemansky maintains a neutral stance with a price objective of $54.
Based on the recent corporate insider activity of 161 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.