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On Tuesday, Stifel analysts maintained their positive outlook on Cytokinetics (NASDAQ:CYTK), following the announcement that the MAPLE-HCM trial met its primary endpoint. The announcement comes as the company’s stock, currently trading at $32.13, sits near its 52-week low of $31.67, having declined 44.5% over the past year. Aficamten, a treatment developed by Cytokinetics for obstructive hypertrophic cardiomyopathy (HCM), demonstrated superiority over beta-blockers, which are commonly used for the condition.
The trial’s success was anticipated by the market, as the primary endpoint focused on peak oxygen consumption (pVO2), an area where beta-blockers are known to have a negative effect. Aficamten had already shown significant benefit in this regard. Additionally, the safety and tolerability profile of aficamten was deemed favorable compared to metoprolol, a beta-blocker used as a comparator in the study.
Although detailed results from the trial are being reserved for presentation at a medical meeting, the high-level findings have been described as encouraging. The positive trial outcomes are expected to provide a commercial boost, particularly among community physicians who may not be as familiar with cardiomyopathy interventions. According to InvestingPro data, analysts maintain a strong buy consensus with a high price target of $120, suggesting significant upside potential if the treatment succeeds commercially.
The analysts noted that while the data from the MAPLE-HCM trial is positive, it does not fundamentally alter their projections for aficamten’s peak sales. The focus for Cytokinetics’ stock, with its current market capitalization of $3.84 billion, now turns to the regulatory process, specifically the Prescription Drug User Fee Act (PDUFA) approval. Despite a delay in the PDUFA date, Stifel’s confidence in aficamten as a best-in-class opportunity remains steadfast. For deeper insights into Cytokinetics’ financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis and 12 additional ProTips.
The successful trial outcome and the continued endorsement from Stifel suggest a strong position for Cytokinetics as it moves forward with the regulatory process and potential commercialization of aficamten. The stock currently trades in line with its InvestingPro Fair Value, indicating a balanced risk-reward proposition for investors considering the company’s growth potential.
In other recent news, Cytokinetics has reported its first-quarter financial results for 2025, revealing a net loss of $161.4 million, or $1.36 per share, with revenue of $1.6 million, which fell short of the $3.6 million forecast. The company continues to focus on the development of its drug candidate, aficamten, for obstructive hypertrophic cardiomyopathy (OHCM), despite the financial setback. In a significant development, Cytokinetics announced that its Phase 3 clinical trial, MAPLE-HCM, achieved its primary endpoint, showing that aficamten significantly improved peak oxygen uptake over the standard beta blocker metoprolol in patients with obstructive hypertrophic cardiomyopathy. Meanwhile, analysts at Evercore ISI and Citi have adjusted their price targets for Cytokinetics, with Evercore ISI lowering it to $60 and Citi to $80, both maintaining positive ratings on the stock. The adjustments reflect recent regulatory challenges related to the REMS process and a three-month postponement of the PDUFA date for aficamten. Despite these hurdles, analysts remain optimistic about aficamten’s market potential, with JMP Securities reiterating a $78 price target and expressing confidence in the drug’s approval prospects. The company is also advancing its Phase 3 ACACIA trial for aficamten in non-hypertrophic cardiomyopathy (nHCM), with accelerated enrollment potentially shortening the timeline by six months.
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