Oppenheimer on Cytokinetics (CYTK): 'We stay bullish'
Oppenheimer analyst Justin Kim reiterated an Outperform rating and $54.00 price target on Cytokinetics (NASDAQ: CYTK).
The analyst comments "With safety and efficacy for Phase 3 SEQUOIA in tow, aficamten has demonstrated active potency in treating HCM with signs of differentiated safety benefits. Peak VO2 of 1.74 mL/kgmin (p=0.000002) landed above what we saw were acceptable and bullish hurdles for the drug (1.5 and 1.6, respectively), based on the favorable baseline characteristics of the population. Importantly, LVEF excursions below 50% could be differentiated with a rate of 3.5% afi versus 0.7% placebo (compared with 7% versus 2% in Phase 3 EXPLORER). Importantly we highlight that no treatment interruptions due to low LVEF were observed and the titration window did not include drug concentration guidance supporting what we continue to believe will be a less burdensome REMS (and in the bullish case lack thereof). These results, in our view, confirm aficamten's better-in-class profile. We stay bullish."
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Shares of Cytokinetics closed at $45.71 yesterday.