Shares of Cytokinetics Inc. rocketed Wednesday, after the cardiovascular-biopharmaceutical company announced positive results from a Phase 3 trial of aficamten, a treatment for hypertrophic cardiomyopathy.
The company said results from the Sequoia-HCM Phase 3 clinical trial showed that 24 weeks of treatment with aficamten produced a statistically significant and clinically meaningful improvement in exercise capacity.
“The treatment effect with aficamten was consistent across all prespecified subgroups reflective of patient baseline characteristics and treatment strategies, including patients receiving or not receiving background beta-blocker therapy,” the company said in a statement.
HCM is a disease in which the heart muscle becomes abnormally thick, limiting the heart’s pumping function. It is the most common monogenic inherited cardiovascular disorder.
The stock
CYTK,
blasted 63.1% higher in morning trading, putting it on track for its highest close since Oct. 8, 2004.
The stock was also headed for a new record one-day gain since the company went public in April 2004, surpassing the current record of 40.4%, set on July 19, 2021. It was also up 122.7% in December, which would be the stock’s best-ever monthly performance.
The company said aficamten also produced statistically significant and clinically meaningful improvements in all 10 secondary endpoints and was well tolerated.
Mizuho analyst Salim Syed reiterated the buy rating on the stock and the $80 price target, which still implies more than 7% upside after Wednesday’s rally.
Syed said the trial data read “very clean,” notably with zero treatment interruptions. Syeb believers investors will now likely shift their focus back to a potential merger.
The stock has run up 62.8% year to date, while the iShares Biotechnology exchange-traded fund
IBB
has gained 3.4% and the S&P 500
SPX
has advanced 24.5%.
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