Shares of Cytokinetics (NASDAQ:CYTK) surged by about 83% yesterday following the release of positive results from a Phase 3 trial of aficamten. This experimental drug aims to treat hypertrophic cardiomyopathy, a heart muscle thickening condition leading to cardiac arrest.
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CYTK is a biopharmaceutical company focused on developing muscle-directed therapies for diseases and disorders related to muscle function.
The company said that the drug was successful in improving exercise capacity and oxygen uptake in patients compared to placebo. In the second half of 2024, CYTK seeks to submit regulatory approval for the drug in the U.S. and Europe. If approved, Aficamten would enter a growing market for HCM treatments and compete directly with Bristol Myers Squibb’s (BMY) Camzyos.
Analysts Remain Bullish
Following the release, nine Wall Street analysts reiterated a Buy rating on the CYTK stock. Among the bullish analysts, Jason Butler from JMP Securities is impressed with the promising clinical trial results and the subsequent potential for regulatory milestones and market performance.
Is CYTK a Good Stock to Buy?
Wall Street is highly optimistic about the stock. CYTK has a Strong Buy consensus rating on TipRanks based on 14 Buy and one Hold recommendations. Following yesterday’s massive stock price jump, the average price target of $71.60 implies 14.2% downside potential from current levels. Perhaps some analysts are yet to increase their price targets for the stock. Shares of the company have gained about 82.1% so far in 2023.
