Cytokinetics jumps after FDA approves its drug for rare heart disease

Shares of drugmaker Cytokinetics CYTK.O rise 12.1% to $70.27

The U.S. Food and Drug Administration on Friday approved Cytokinetics' oral drug to treat a rare heart condition called obstructive hypertrophic cardiomyopathy

"This overall fell nicely in line with our expectations and those generally of investors based on our conversations" - J.P.Morgan

The keenly watched drug, branded as Myqorzo, will compete with Bristol Myers' BMY.N Camzyos

"We believe BMY's Camzyos will maintain first-in-class market share advantage vs CYTK's Myqorzo in oHCM," said Guggenheim Partners analyst Seamus Fernandez

Leerink Partners raises PT to $83 from $73 and says "we think the stock setup skews positively at these levels, as we remain optimistic about Myqorzo's long term market opportunity"

"We believe the company is fully prepared and optimally funded to execute on the launch" - Citizens

The approval enables it to draw down an additional $175 million under its Royalty Pharma loan agreement, Citizens adds

Including session moves, stock up 47.4% YTD