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On Thursday, Mizuho (NYSE:MFG) Securities adjusted its outlook on Cytokinetics (NASDAQ:CYTK), reducing the price target on the stock to $84.00 from the previous target of $103.00. Despite the decrease in price target, Mizuho continues to recommend the stock with an Outperform rating. According to InvestingPro data, the stock currently trades at $30.28, with analyst targets ranging from $41 to $120, suggesting significant potential upside despite recent challenges.
The adjustment follows a recent extension of the Prescription Drug User Fee Act (PDUFA) date for aficamten in obstructive hypertrophic cardiomyopathy (oHCM) to December 26, 2025. This delay has led Mizuho to modify its sales ramp-up expectations for the near term. Additionally, the firm updated its share count estimates to include convertible securities, a move described as adding a layer of conservatism to their financial model. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 5.99, though it operates with moderate debt levels.
Mizuho’s analyst highlighted continued anticipation for the full data from the MAPLE-HCM phase 3 trial against beta blockers, expected to be presented later this year at a medical conference. The top-line results of this trial were positive and could potentially enhance the narrative for aficamten, especially regarding confidence in its use as a first-line treatment, although changes to formal guidelines may take time.
The firm is also closely monitoring upcoming developments for Cytokinetics, including the ACACIA-HCM phase 3 trial for aficamten in non-obstructive HCM, with top-line results expected in the first half of 2026. Other notable developments include the completion of enrollment for the COMET-HF trial evaluating omecamtiv mecarbil in heart failure with reduced ejection fraction (HFrEF) expected in 2026, and the progress of CK-586 and CK-089 in their respective trials.
Mizuho’s revised financial models incorporate these various factors, reflecting a cautious yet optimistic outlook for Cytokinetics’ pipeline and its potential market performance in the coming years. InvestingPro subscribers have access to 12 additional key insights about CYTK, including detailed financial health metrics and comprehensive analysis. Get the full picture with the Pro Research Report, available exclusively to subscribers, which provides deep-dive analysis of CYTK among 1,400+ top US stocks.
In other recent news, Cytokinetics has announced positive results from its Phase 3 MAPLE-HCM trial, where its drug aficamten showed significant improvement in peak oxygen uptake compared to the beta blocker metoprolol for patients with obstructive hypertrophic cardiomyopathy (HCM). This trial success is seen as a potential boost for the company’s commercial prospects, especially among community physicians. Meanwhile, Stifel analysts have maintained their Buy rating and $87 price target for Cytokinetics, expressing confidence in the drug’s launch dynamics despite a delay in the Prescription Drug User Fee Act (PDUFA) date. Evercore ISI analysts, however, adjusted their price target to $60 from $65, citing challenges with the Risk Evaluation and Mitigation Strategy (REMS) process. Citi analysts also revised their price target to $80 from $86, while maintaining a Buy rating, following a three-month postponement of the PDUFA date for aficamten. Despite these regulatory challenges, analysts from various firms remain optimistic about aficamten’s market potential. Cytokinetics is also experiencing accelerated enrollment in its ACACIA trial for non-hypertrophic cardiomyopathy, which could advance its timeline by six months. The company continues to prepare for potential regulatory approvals and commercialization, with investors closely monitoring these developments.
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