Cytokinetics downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Cytokinetics to Neutral from Buy with a price target of $60, down from $85. With the the company’s financing overhang removed, investor focus turns to upcoming regulatory actions that are likely to be positive but also widely expected, the analyst tells investors in a research note. The firm says that while the aficameten data should support a U.S. approval and launch by the end of 2025, the ongoing debate on the scope of a potential risk evaluation and mitigation strategy program and headline risk from EDG-7500 are likely to keep the stock range bound over the near term. Goldman also believes that strategic interest in Cytokinetics has likely diminished.