Jason Butler, an analyst from JMP Securities, reiterated the Buy rating on Cytokinetics (CYTK – Research Report). The associated price target remains the same with $78.00.
Jason Butler’s rating is based on the promising progress towards the approval of aficamten, a key product for Cytokinetics. The company has completed the mid-cycle review of the NDA for aficamten in obstructive hypertrophic cardiomyopathy (oHCM) with the FDA, which has decided not to hold an Advisory Committee meeting, indicating confidence in the drug’s profile. The anticipated PDUFA date is set for September 26, 2025, and the management expects a differentiated label for aficamten, highlighting its unique benefits.
Furthermore, the clinical trials for aficamten, including the Phase 3 SEQUOIA-HCM and FOREST-HCM studies, have demonstrated a strong pharmacological and clinical profile. Additional results from the Phase 3 MAPLE-HCM monotherapy trial, expected in the second quarter of 2025, are anticipated to further support its best-in-class status. The ongoing trials for label and indication expansion, such as those for pediatric and non-obstructive HCM patients, are progressing well, adding to the positive outlook for Cytokinetics.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $67.00 price target.
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