RBC Capital analyst Leonid Timashev reiterated an Outperform rating and $119.00 price target on Cytokinetics (NASDAQ: CYTK).

The analyst commented: "While Confirming A Competitive Threat, We Hope Moving Past '7500 Data Can Allow Shares To Rebound; We think heading into the readout, there was a significant amount of investors pair trading the names (and we think biased long CYTK). Given what we think was a muted reaction to ACACIA (just +16% which by June had faded further), we think the EWTX data was being perceived as an overhang on shares. Additionally, there was almost no appreciation of the positive early launch metrics. Therefore, we are not surprised to see shares trade up today, as we think the bar for CYTK to react positively was low (e.g., as long as '7500 was not a 'category killer'). Given that the 11 pt benefit of afi in nHCM and the 12 pt '7500 on KCCQ-CSS are in the same ballpark (though the latter may still deepen), and the fact that CYTK remains at least 2.5 years ahead, we believe it should provide comfort that CYTK has room to operate and can reach a ~$4.8B oppt'y across HCM.

BOTTOM LINE: We believe that the stock is significantly undervalued despite today's move, and look for fewer competitive catalysts and a focus on the launch to help shares move higher in 2H26."

For an analyst ratings summary and ratings history on Cytokinetics click here. For more ratings news on Cytokinetics click here.

Shares of Cytokinetics closed at $75.21 yesterday.