RBC raises Cytokinetics price target to $113, keeps Outperform

RBC Capital analyst Leonid Timashev raised the firm's price target on Cytokinetics to $113 from $112 and kept an Outperform rating on the shares. The move was part of a broader research note that adjusted the firm's models and previewed Q3 results in Biotech. The analyst said the quarter is shaping up reasonably well for the large caps, helped in part by additional selling days and mid-year price increases, in a research note to investors.

RBC added that for the commercial mid-caps, which have faced significant pressure as drug launch expectations got ahead of themselves across the board, it would not expect the quarter's performance alone to be enough to fully turn sentiment around, although it "may help restore confidence in select stories".