Jason Zemansky, an analyst from Bank of America Securities, maintained the Hold rating on Cytokinetics (CYTK – Research Report). The associated price target remains the same with $62.00.
Jason Zemansky has given his Hold rating due to a combination of factors related to the competitive landscape and clinical data. The recent results from Edgewise’s phase 2 study of their cardiac myosin inhibitor, EDG-7500, have shown promising outcomes, which could pose a long-term competitive threat to Cytokinetics’ products. Although these results do not present an immediate threat, they complicate the future outlook for Cytokinetics, especially given the clinical similarities between Cytokinetics’ aficamten and Bristol’s Camzyos.
Furthermore, Edgewise’s approach in targeting a different part of the heart sarcomere could potentially lead to a safer cardiac myosin inhibitor, which might impact Cytokinetics’ market position in the longer term. While the data from Edgewise is promising, the potential for serious adverse events and the competitive pressure from Edgewise’s developments contribute to a balanced view of Cytokinetics’ stock. As a result, Zemansky maintains a Neutral rating with a price objective of $62, reflecting these competitive dynamics and uncertainties.
Zemansky covers the Healthcare sector, focusing on stocks such as Insmed, Madrigal Pharmaceuticals, and Esperion. According to TipRanks, Zemansky has an average return of 2.5% and a 42.11% success rate on recommended stocks.