JPMorgan ups Cytokinetics target, adds to Analyst Focus List

JPMorgan raised the firm’s price target on Cytokinetics (CYTK) to $75 from $74 and keeps an Overweight rating on the shares. JPMorgan also added Cytokinetics to its Analyst Focus List as a growth idea and placed the shares on “Positive Catalyst Watch.” The company’s near-term outlook is favorable following the recent approval of Myqorzo for the treatment of adult patients with symptomatic obstructive hypertrophic cardiomyopathy, the analyst tells investors in a research note. The firm says early signs in the marketplace appearing strong. In addition, Cytokinetics “may be on the precipice” of non-obstructive hypertrophic cardiomyopathy data that could be “transformative” for the Myqorzo launch, adds JPMorgan.