Cytokinetics (CYTK) delivered a Q2 revenue beat, with early launch momentum for Myqorzo, its newly approved therapy for obstructive hypertrophic cardiomyopathy, underscoring an "underappreciated" cardiology opportunity, RBC Capital Markets said Friday in a report.

Myqorzo posted strong patient additions and positive commercial metrics, including paid prescriptions, market-share gains and prescriber growth, pointing to a healthy launch with further upside, the report said.

RBC also sees additional upside from a potential label expansion, which could broaden Myqorzo's eligible patient population and support longer-term growth. If approved, the new indication may add about $1.3 billion in US revenue, with limited competition expected at launch, the report said.

"We think shares are still not fully appreciating the company's position of strength in cardiology, and we remain buyers," the report said.

RBC lowered its price target on Cytokinetics stock to $112 from $117 and maintained its outperform rating.

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