Cytokinetics price target lowered to $80 from $86 at Citi

Citi lowered the firm’s price target on Cytokinetics (CYTK) to $80 from $86 and keeps a Buy rating on the shares. During the Q1 earnings, the company discussed its recent regulatory setback, a three month delay in aficamten’s FDA action date. Cytokinetics went for “the home run scenario of approval without a highly limited REMS program,” the analyst tells investors in a research note. Citi says that while many investors are understandably frustrated, a three month delay “is likely the only downside here, as there are no implications on commercial success.” It continues to expect aficamten will have a more manageable REMS than competing Camzyos.