Cytokinetics (CYTK) stock is soaring 5.03% in intraday trading following a positive outlook for its drug aficamten and an increased price target from RBC Capital Markets. The biotechnology company's shares are gaining momentum as investors react to promising projections for its potential blockbuster drug.

RBC Capital Markets reiterated its outperform rating on Cytokinetics and raised its price target to $87 from $82, citing a potentially differentiated risk evaluation and mitigation strategy for aficamten that could boost demand. The investment firm expects the drug to launch in 2026, with US revenue forecast at $90 million for that year. Long-term projections remain bullish, with US peak sales expected to exceed $3.7 billion and European sales reaching $700 million by 2034.

Despite a slight lowering of the 2026 US revenue forecast due to a partial Q1 launch, RBC analysts maintain an optimistic view on Cytokinetics' future. The firm anticipates a launch pricing of $115,000 for aficamten, slightly above competitor Camzyos, reflecting its anticipated advantages. Additionally, RBC has adjusted its operating expense projections downward, suggesting improved efficiency as the company prepares for the drug's launch. These factors combined are fueling investor confidence and driving the stock's significant upward movement today.