Mayank Mamtani, an analyst from B.Riley Financial, maintained the Buy rating on Cytokinetics (CYTK – Research Report). The associated price target was lowered to $88.00.
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Mayank Mamtani has given his Buy rating due to a combination of factors, primarily focusing on the promising outlook for Cytokinetics’ aficamten in treating obstructive hypertrophic cardiomyopathy (oHCM). The company’s ongoing Phase III MAPLE-HCM trial compares aficamten directly with the standard beta blocker, metoprolol, and aims to demonstrate superior efficacy and safety. The potential FDA approval of aficamten, coupled with its improved Risk Evaluation and Mitigation Strategy (REMS) program, is expected to significantly enhance its market penetration and acceptance as a preferred treatment option.
Furthermore, Mamtani emphasizes the broader market potential, citing the expansion of the cardiomyopathy market from obstructive to non-obstructive hypertrophic cardiomyopathy (nHCM) patients. The anticipated readouts from both the MAPLE-HCM and ODYSSEY-HCM trials are expected to validate aficamten’s effectiveness, thereby supporting projected peak U.S. sales nearing $3 billion. Additionally, the company’s strategic developments in other cardiac therapies, like CK-586 and omecamtiv mecarbil, are projected to open up further market opportunities, reinforcing the Buy recommendation.
Mamtani covers the Healthcare sector, focusing on stocks such as Altimmune, Madrigal Pharmaceuticals, and Viking Therapeutics. According to TipRanks, Mamtani has an average return of -13.7% and a 28.35% success rate on recommended stocks.
In another report released on January 22, H.C. Wainwright also reiterated a Buy rating on the stock with a $120.00 price target.