Cytokinetics' Mixed Outlook: Hold Rating Amid Execution Challenges and Modest Trial ImpactWe don’t disagree with bulls there are reasons to like the set-up, with the market still underpenetrated. But likely lost in the discussion over competitive dynamics, execution is unlikely to be straightforward, particularly given the logistical challenges administering CMIs. And with much to sort out from the company’s lack of an established footprint/ experience, we see just as many reasons to be cautious. With shares, in our view, fairly-valued, reiterate Neutral, $62 PO. How much of a delta in echo frequency is differentiating? Unsurprisingly, much of the discussion centered on afi’s REMS, which Cytokinetics has long maintained can be a key differentiator vs. Bristol’s Camzyos. Although afi’s mid- cycle review with FDA is set to take place in March, management reiterated its belief the monitoring requirements will be less.