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Why Cytokinetics Is Trading Lower Today

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Why Cytokinetics Is Trading Lower Today

Cytokinetics (NASDAQ: CYTK) shares are trading lower on Thursday after the company, Amgen and Servier announced topline results from GALACTIC-HF, a Phase 3 pivotal clinical trial of omecamtiv mecarbil in patients with heart failure with reduced ejection fraction.

The company reported no reduction in the secondary endpoint of CV death was observed.

Cytokinetics is a biotechnology company that develops muscle biology-driven treatments for diseases characterized by reduced muscle function, muscle weakness, and fatigue. The company develops treatment for diseases such as amyotrophic lateral sclerosis, heart failure, spinal muscular atrophy, and chronic obstructive pulmonary disease. The treatment is based on small molecules specifically engineered to increase muscle function and contractility.

Cytokinetics shares traded down 43.10% to $15.74 on Thursday. The stock has a 52-week high of $30.14 and a 52-week low of $7.72.

 

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