Cytokinetics (CYTK) PT Lowered to $70 at Truist Securities

Truist Securities analyst Srikripa Devarakonda lowered the price target on Cytokinetics (NASDAQ: CYTK) to $70.00 (from $86.00) while maintaining a Buy rating.

The analyst commented: "Recent equity raise (which we noted recently as an investor concern) & updated royalty deal removed cash overhang, in our view. While stock could be range-bound until we get add'nl visibility around REMS, our longer-term Buy thesis remains intact as – 1) We continue to believe afi has best-in-class potential; 2) our due diligence suggests potential for afi to be preferred CMI; 3) believe M&A is not off the table but could take some time as a strategic might want more REMS clarity; 4) see recent pullback (-20% vs XBI -5%) as an attractive oppy for medium to long-investors. New PT $70/sh reflects recent financing/updates."

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