Mizuho Securities analyst Salim Syed has maintained their bullish stance on CYTK stock, giving a Buy rating yesterday.
Salim Syed has given his Buy rating due to a combination of factors influencing Cytokinetics’ market position. One of the key reasons is the potential for aficamten to address a significant portion of the market for cardiac myosin inhibitors, especially as healthcare professionals become more comfortable with similar treatments like Camzyos. This growing comfort level suggests a positive reception for aficamten once it reaches the market.
Additionally, the upcoming PDUFA date for aficamten in 2025 adds a timeline for potential market entry, which could be a catalyst for the stock. The analyst also notes the broader market dynamics, including competitors like BMY’s Camzyos and EWTX’s EDG-7500, but sees Cytokinetics as well-positioned to capture market share due to its unique offering. These factors combined provide a strong basis for the Buy rating.
Syed covers the Healthcare sector, focusing on stocks such as Vaxcyte, BridgeBio Pharma, and Cytokinetics. According to TipRanks, Syed has an average return of -6.7% and a 37.30% success rate on recommended stocks.
In another report released yesterday, Morgan Stanley also initiated coverage with a Buy rating on the stock with a $67.00 price target.