Cytokinetics price target lowered to $90 from $94 at H.C. Wainwright
H.C. Wainwright analyst Joseph Pantginis lowered the firm's price target on Cytokinetics to $90 from $94 and keeps a Buy rating on the shares. The company announced "two significant transactions that provide a major boost" to its finances as well as a a clear signal to financially bolster aficamten's expected commercial launch. The first was a strategic funding collaboration with long-time financial partner Royalty Pharma and the second transaction was pricing of a $500M equity raise, says the firm. It believes the "transactions send a clear message that all operations at Cytokinetics, led by aficamten, are full speed ahead regardless of any potential business development plans." However, there may be added volatility with the shares as some may interpret that a takeover is now off the table following several prior rumors and speculation, adds H.C. Wainwright.
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