Jun. 29 at 11:02 AM
UBS⬆️
$CYTK Buy-
$115,⬆️Myqorzo peak rev to
$5.7B and said, we upgrade CYTK to a Buy and raise our PT to
$115 (from Neutral/
$69).
$EWTX $BMY TENX TECX
UBS added—We see Myqorzo as well positioned to drive near-term stock upside due to strong launch momentum in obstructive hypertrophic cardiomyopathy (oHCM).
We now model peak Myqorzo revenues of
$5.7BN (prior
$4.0BN), where the stock is only pricing in ~
$4.4BN.
Our physician survey (n = 23) indicates prescriber enthusiasm for Myqorzo adoption in oHCM (largely driven by label differentiation).
Post recent Ph3 success in non- obstructive HCM (nHCM), we are more constructive that a 2H26 filing and approval in 2H27 can help investors ascribe more value to the nHCM part of the story.
Net, we believe upcoming CYTK earnings updates should drive stock outperformance, as well as support long-term value creation.
