JMP Securities analyst Jason Butler has reiterated their bullish stance on CYTK stock, giving a Buy rating yesterday.
Jason Butler has given his Buy rating due to a combination of factors that highlight Cytokinetics’ promising position in the market. One of the key reasons is the competitive efficacy of aficamten, which has shown encouraging results in clinical trials, particularly in comparison to its competitor, EDG-7500. While EDG-7500 has demonstrated some efficacy, concerns about safety, specifically the incidence of atrial fibrillation, have been raised, which aficamten has not exhibited.
Furthermore, the ongoing trials such as MAPLE-HCM and CEDAR-HCM are expected to further validate aficamten’s potential as a leading treatment for hypertrophic cardiomyopathy (HCM). The absence of significant adverse events in aficamten’s trials reinforces its favorable safety and tolerability profile. These factors collectively support the belief that aficamten could achieve a best-in-class status, making Cytokinetics a strong investment opportunity.
In another report released yesterday, Morgan Stanley also reiterated a Buy rating on the stock with a $67.00 price target.
Based on the recent corporate insider activity of 152 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CYTK in relation to earlier this year.