Cytokinetics assumed with Market Perform from Outperform at Raymond James

Raymond James downgraded Cytokinetics (CYTK) to Market Perform from Outperform without a price target after assuming coverage of the name. The company has an underpenetrated opportunity in obstructive hypertrophic cardiomyopathy but the likely risk evaluation and mitigation strategy on aficamten’s label will bring administrative and clinical burdens, the analyst tells investors in a research note. The firm expects the REMS to limit uptake beyond cardiology centers of excellence.