Cytokinetics price target lowered to $54 from $62 at BofA

BofA lowered the firm’s price target on Cytokinetics (CYTK) to $54 from $62 and keeps a Neutral rating on the shares after rival Bristol Myers (BMY) announced ODYSSEY, its Phase 3 study evaluating mavacamten for symptomatic non-obstructive hypertrophic cardiomyopathy did not meet its dual primary endpoints. The news has “clear read-throughs” to Cytokinetics, which is also exploring the opportunity in nHCM with aficamten in ACACIA, the analyst tells investors. Beyond the firm’s concerns over the commercial positioning of aficamten versus mavacamten, which it calls the “basis of our cautious thesis,” it also “wouldn’t be surprised” if there are broader questions about the role of cardiac myosin inhibitors beyond patients with severe symptoms, the analyst tells investors.