Jun. 17 at 12:22 PM
RBC Capital y'day⬆️
$EWTX's PT to
$59, reiterated Outperform and said: Stock Reaction Was 'Heart Pounding', But Data Should Reassure That '7500 Could Be Best In Disease
$CYTK $BMY
RBC Capital added—Today EWTX reported 12 week results from their HCM trial for '7500 and we had a chance to catch up with mgmt.
We think that today's data delivered on both compelling safety and efficacy, with the potential to allow the company to design a ph.III without titration echos and ultimately deliver on a convenient real-world safety profile.
While we saw substantial share price volatility today, questions on the catalyst path, and the afib debate may prove difficult to put to rest, we think these concerns are largely an overreaction.
We think EWTX is a compelling cardiology story with '7500's preferred profile enabling >
$3B in revenues, an emerging pipeline, and would be buyers on weakness.
Tgt to
$59 from
$48 on model updates.
