Cytokinetics (CYTK) - Get Report skyrocketed Monday after the biopharmaceutical company reported positive results from a Phase 2 trial of its heart disease treatment and said the results supported progression to a Phase 3 trial.
Shares of the South San Francisco company were climbing 46% to $28.06 on Monday.
Cytokinetics announced positive top-line results from Cohorts 1 and 2 of CK-274, which is being developed for the potential treatment of hypertrophic cardiomyopathy, a disease where the heart muscle becomes abnormally thick.
The results, the company said, support progressing to a planned Phase 3 clinical trial that it expected to start before year-end.
The trial demonstrated consistent and clinically meaningful reductions in left ventricular outflow tract gradients within two weeks in patients with obstructive hypertrophic cardiomyopathy, Cytokinetics said.
There were no treatment interruptions or discontinuations due to a reduction in the left ventricular ejection fraction.
The majority of patients receiving the medication achieved the target goal of treatment and it was generally well tolerated
Overall, treatment duration for each patient in the study was 10 weeks with an echocardiogram conducted 2 weeks after the last dose.
Cytokinetics’ heart drug “may actually be better” than Bristol-Myers Squibb’s (BMY) - Get Report mavacamten after mid-stage data showed clean and positive results on both effectiveness and safety, Mizuho analyst Salim Syed, said according to Bloomberg.
Syed, who has a buy rating and a $36 price target on the shares, said the best-case scenario with effectiveness looking “even better” when compared with mavacamten.
Bristol-Myers Squibb didn't immediately respond to a request for comment.
Barclays analyst Carter Gould, who has over overweight rating and a $28 price target, said the data support differentiated effectiveness from mavacamten and are “in line with the best-case scenario."