Cytokinetics stock maintains Buy rating at Jefferies following management update

Investing.com - Jefferies has reiterated its Buy rating and $80.00 price target on Cytokinetics (NASDAQ:CYTK), which has shown impressive momentum with a 31% surge in the past week. According to InvestingPro data, analyst targets range from $41 to $120, reflecting diverse views on this clinical-stage biopharmaceutical company. The latest rating follows discussions with the company’s management about its ODYSSEY and MAPLE clinical trials.

The investment firm expressed increased confidence in Cytokinetics’ ACACIA trial after management explained how they are addressing variability and placebo response issues that affected Bristol Myers Squibb’s ODYSSEY trial in non-obstructive hypertrophic cardiomyopathy (nHCM). While the company currently operates with moderate debt levels and maintains strong liquidity with a current ratio of 6.76, InvestingPro analysis indicates the stock is trading near its Fair Value.

Cytokinetics management believes the variability seen in ODYSSEY was likely site-driven rather than disease-specific, and highlighted their extensive experience implementing the Kansas City Cardiomyopathy Questionnaire (KCCQ) since their METEORIC-HF trial, including collaboration with KCCQ inventor Dr. Spertus.

The company actively monitors patient-level data monthly to control variability and maintains that ACACIA’s current enrollment of 516 patients is adequately powered. The trial was previously expanded from approximately 420 to 500 patients due to the addition of a dual peak oxygen consumption (pVO2) endpoint and accelerated enrollment.

Jefferies noted that while ACACIA is 90% powered to show placebo-adjusted deltas of +1 pVO2 and +5 KCCQ (with 0.025 alpha split for each), Cytokinetics indicated the trial remains reasonably powered even at lower deltas that could still be clinically meaningful. For deeper insights into CYTK’s financial health and 12+ additional ProTips, including detailed analyst forecasts and valuation metrics, check out the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Cytokinetics has reported notable developments surrounding its heart drug, aficamten. The company presented new data at the European Society of Cardiology Congress 2025, highlighting primary results from the Phase 3 MAPLE-HCM trial and long-term efficacy from the FOREST-HCM OLE study. These findings have led to a strong response from analysts, with H.C. Wainwright maintaining a Buy rating and a $120 price target. Similarly, Stifel has raised its price target to $96, citing a bullish outlook on aficamten’s performance in treating obstructive hypertrophic cardiomyopathy. Truist Securities also reiterated a Buy rating, emphasizing the drug’s statistically significant improvement over metoprolol in the MAPLE-HCM study.

Additionally, Cytokinetics has appointed James M. Daly to its board of directors and compliance committee, filling a vacant seat. Daly’s appointment was recommended by the board’s nominating and governance committee and is effective until the 2028 annual meeting of stockholders. The board confirmed Daly’s independence under corporate governance guidelines and regulatory requirements. These developments reflect a period of significant activity and strategic decisions for Cytokinetics.

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