Shares of Cytokinetics Inc. (CYTK) surged over 5% on Thursday after analysts initiated coverage on the biopharmaceutical company with upbeat ratings and price targets.
RBC Capital Markets kicked off coverage on Cytokinetics with an Outperform rating and a $80 price target, representing substantial upside from current levels. In a research note, RBC analysts cited the company's promising pipeline of cardiovascular therapies as a key driver for their bullish outlook.
Several other firms also weighed in with positive commentary on Cytokinetics and the broader healthcare sector. The flurry of optimistic analyst views fueled investor enthusiasm, propelling CYTK shares to close 5.02% higher at $54.00 on the day.
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