B.Riley has reconfirmed a Buy rating on Cytokinetics (NASDAQ: CYTK) and set a $108.00 price target, maintaining a bullish view on the company as Myqorzo begins to compete in the cardiac myosin inhibitor (CMI) market. The firm's target equates to roughly a 67% upside versus CYTK's quoted price of $64.73, although InvestingPro data referenced by the firm notes the stock is trading modestly above its assessed Fair Value. Analyst targets for CYTK are dispersed, ranging from $61 to $136, signaling varied expectations about how Myqorzo will perform commercially.
B.Riley frames its outlook against the backdrop of a rapidly expanding market led by Bristol Myers Squibb's Camzyos. The research note highlights that January 2026 weekly sales of Camzyos averaged about $23 million, which B.Riley annualizes to a roughly $1.2 billion U.S. run-rate and interprets as 71% year-over-year growth compared with January 2025. For fiscal year 2025, IQVIA-tracked sales for Camzyos reached about $951 million, a 102% increase from the $472 million recorded in fiscal year 2024, according to B.Riley's analysis.
Against that performance, Cytokinetics' Myqorzo entered the market in late January and carries features B.Riley views as materially advantageous from an operational standpoint. The firm emphasizes a "materially streamlined REMS" for Myqorzo relative to Camzyos, calling out specifically that Myqorzo has zero versus 12 drug-drug interaction pharmacy calls, offers more flexible echocardiogram monitoring windows, and enables faster dose stabilization. B.Riley suggests these differences could allow Myqorzo to avoid the protracted market development period that Bristol Myers Squibb experienced.
On patient dynamics, B.Riley estimates there are about 11,000 active U.S. patients on Camzyos. Using Bristol Myers Squibb's disclosed attrition rates, the firm calculates an approximate pool of 5,000 churned patients who might be amenable to switching therapies. In addition, roughly 6,500 new patients are estimated to enter the category annually. B.Riley positions Cytokinetics to pursue both the churned cohort and the steady inflow of new patients as part of its penetration case.
Myqorzo's U.S. launch price is set at approximately $103,000 per year, which B.Riley notes is comparable to the pricing of Camzyos. The product's approval by the U.S. Food and Drug Administration for obstructive hypertrophic cardiomyopathy (oHCM) has drawn multiple analyst responses with a range of new or updated price targets and ratings:
- Needham raised its price target for Cytokinetics to $84.
- H.C. Wainwright increased its target to $136.
- Barclays initiated coverage with an Overweight rating and an $87 price target, highlighting Myqorzo's flexible dosing and reduced monitoring needs.
- Truist Securities reiterated a Buy rating and set an $84 target, observing a growing preference for Myqorzo among new hypertrophic cardiomyopathy patients.
- Jefferies raised its price target to $90 and pointed to the upcoming Phase 3 ACACIA study in non-obstructive hypertrophic cardiomyopathy as an important catalyst.
Collectively, these analyst moves reflect heightened optimism about Cytokinetics' near-term commercial prospects, driven by Myqorzo's operational differentiators and a measured opportunity to capture patients from the incumbent therapy while also addressing a steady stream of newly diagnosed patients. B.Riley's $108 target and Buy stance weigh that commercial opportunity alongside current valuation signals that place the stock slightly above fair value.
While the note emphasizes potential advantages around REMS, dosing and monitoring, the firm’s forecast implicitly depends on assumptions about patient switching behavior and continued growth in category uptake, both of which underpin the range of external analyst price targets between $61 and $136.