Cytokinetics initiated with a Buy at Citi

Citi initiated coverage of Cytokinetics (CYTK) with a Buy rating and $86 price target. The shares seem attractive at current levels, given the “substantial opportunity” for aficamten, which could exceed $3.6B in peak sales, the analyst tells investors in a research note. Citi believes aficamten will have a superior label and less burdensome prescribing requirements relative to Bristol’s (BMY) Camzyos, allowing it to become the option of choice. Pressure on Cytokinetics shares seems overdone, given aficamten’s expected FDA approval and launch and several key upcoming data catalysts in 2025, contends the firm.