Cytokinetics (CYTK) rocketed to a decade-high Monday after announcing that its experimental medication increased blood flow for patients with a genetic heart ailment.
Cytokinetics shares surged 52.2 percent near 29.30 in high volume in morning trade on the stock market today. Since October 2009, the biotech stock has risen to its highest level.
Patients with hypertrophic cardiomyopathy, or HCM, were tested using the biotech company’s medication, CK-274. The heart muscle thickens abnormally in this illness, making it difficult to pump blood. 92.9 percent of patients who got the high dose had significant improvements in blood flow after 10 weeks. 78.6 percent of patients in the low-dose group had the same outcome.
Cytokinetics expects Phase 3 Registrational Trial of CK-274 to start before year end, according to the company.
Cytokinetics Soars to a record high
Cytokinetics’ results were quickly compared to MyoKardia’s by biotech stock analysts. Last year, Bristol Myers Squibb (BMY) paid $13.1 billion for MyoKardia. Mavacamten, a medication developed by MyoKardia, is a competitor.
A high dose of Cytokinetics’ drug hit its target in nearly 93% of patients. By comparison, MyoKardia’s treatment reached that mark in 74% of patients. Further, CK-274 was quicker to action, reaching its maximum benefit by six weeks vs. less than 18 weeks for mavacamten. Bottom line, the data are clean, both on (effectiveness) and safety, and CK-274 may actually be better than MyoKardia’s mavacamten.Mizuho Securities Analyst – Salim Syed