Cytokinetics initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Cytokinetics (CYTK) with an Outperform rating and $80 price target With the shares down 50% since the January peak, the $3.6B opportunity driven by aficamten’s convenience, safety and efficacy in hypertrophic cardiomyopathy is not being fully valued, the analyst tells investors in a research note. The firm also sees pipeline upside, and estimates omecamtiv and CK-586 offering a combined over $1.5B in long-term revenues.