Cytokinetics (NASDAQ:) shares surged greater than 82% Wednesday on the again of the optimistic outcomes from its experimental coronary heart therapy examine.
Cytokinetics revealed that in a key Part 3 examine, its drug, Aficamten, “considerably improved train capability in comparison with placebo.” This is how Wall Avenue analysts reacted to the information:
Barclays analysts raised the agency’s value goal for CYTK to $100 per share from $58, sustaining an Chubby ranking. They mentioned: “We view aficamten as a compelling, largely de-risked asset, addressing a nascent, however probably giant TAM with tailwinds from rising prognosis charges and better therapy charges, probably supporting our peak gross sales estimate.”
UBS analysts maintained a Purchase ranking and $61 value goal on the inventory, stating the outcomes have been a close to best-case situation. “We anticipate CYTK inventory to react positively to the topline SEQUOIA read-out,” they famous. The analysts talked about that the protection knowledge was spectacular, whereas efficacy was a best-case situation. In addition they mentioned the potential titration schedule is vital.
JPMorgan analysts saved an Chubby ranking on CYTK shares, saying they anticipate shares “to work into 2024.”
“We’re not shocked to see CYTK shares overshoot our outlined vary of mid-$40s to mid-$50s on our greatest case/bull case on the upside right this moment because the market contemplates potential strategic worth for the asset no less than within the close to time period,” they mentioned. “Subsequent steps embody additional interactions with the FDA and EMA to then be adopted by advertising purposes probably in 2H24.”
CYTK stays on the JPMorgan Analyst Focus Record as a development concept, however the outcomes imply it has now been faraway from the financial institution’s Constructive Catalyst Watch.