Rocketing shares of Cytokinetics due to positive results from its heart drug study.

Company Overview

Cytokinetics (CYTK) announced positive results in its experimental heart treatment study. The drug, aficamten, addresses obstructive hypertrophic cardiomyopathy (HCM), a condition characterized by thickening and stiffening of the heart muscles that can lead to heart injury. Cytokinetics reported in the pivotal phase 3 study that aficamten “significantly contributed to improvements in exercise capacity compared to the control group” by increasing peak oxygen uptake.

Challenges of the Drug

Fady Malik, Executive Vice President of Research and Development at Cytokinetics, stated in a press release that the results are consistent with those obtained in a previous study, and aficamten could become the preferred drug among doctors and patients needing similar medications. The company is seeking marketing approval from regulatory authorities in the United States and Europe in the second half of next year.

Challenges for Competing Companies

Aficamten poses a potential challenge to Camzyos from Bristol-Myers Squibb (BMY), which also treats HCM and was approved by the FDA last year. Bristol-Myers Squibb has attracted attention in recent days after spending $18.1 billion to acquire Caruna Therapeutics (KRTX) and Rhythm Pharmaceuticals (RYZB) to enhance its portfolio in neuroscience and oncology.

Rise in Cytokinetics Shares

Cytokinetics’ shares rose to their highest level in 19 years, jumping more than 80% in late Wednesday trading to around $82.50.

Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also refer to original research from other reputable publishers when appropriate. You can learn more about the standards we follow in producing accurate and unbiased content in our editorial policy.

Source: Cytokinetics. “Cytokinetics Announces Positive Results From SEQUOIA-HCM, the Pivotal Phase 3 Clinical Trial of Aficamten in Patients With Obstructive Hypertrophic Cardiomyopathy.”

Source: https://www.investopedia.com/cytokinetics-shares-skyrocket-on-positive-results-from-a-study-of-its-heart-drug-8420459