Cytokinetics (NASDAQ:CYTK) shares rose more than 3% today after JPMorgan raised its price target on the company to $54.00 from $52.00 while maintaining an Overweight.
The price target change was followed by JPMorgan-conducted 25-physician survey which targeted U.S. cardiologists treating HCM.
According to the firm, the survey pointed to high levels of penetration for cardiac myosin inhibitors (CMIs) over time which should support a large market with multiple agents. “Tailwinds to the market including diagnosis, experience with the class/navigating use, and a potential new entrant with aficamten in the next few years,” said JPMorgan (NYSE:JPM).
The survey suggests that 60% of Class II/III HCM patients will be on a CMI by 2030. The feedback from physicians indicates that there is a positive inclination towards the phase 2/OLE data for aficamten, and a greater number of physicians perceive differentiation between Camzyos and aficamten.
Based on physicians' feedback, JPMorgan believes that there are various factors that could set aficamten apart from Camzyos and result in a higher proportion of patients being prescribed aficamten. “We see a clear opportunity for differentiation on safety relative to Camzyos and further efficacy will represent an upside case,” said the firm, adding that the upcoming SEQUOIA-HCM trial results will be crucial for investors and physicians, who try to gauge a potential label and commercial uptake.