Cytokinetics Shares Fall More Than 40% After Study Miss
October 08 2020 - 10:44AM
Dow Jones News
By Colin Kellaher
Cytokinetics Inc. shares plunged more than 40% Thursday after a
heart-failure drug it is developing with Amgen Inc. missed a key
endpoint in a phase 3 study.
Amgen shares also moved lower.
The companies said the study of omecamtiv mecarbil met its
primary composite endpoint of reduction in cardiovascular death or
heart failure events but missed its secondary endpoint of reduction
in cardiovascular death.
Analysts at Citi said the study results don't clear a
commercial/clinical hurdle that Amgen and Cytokinetics had
previously mentioned for the drug to be competitive, and that they
doubt if Amgen would want to move forward with a launch.
Amgen and Cytokinetics said further analyses of the study data
are underway, with results to be presented next month.
Cytokinetics shares were recently down 42.7% to $15.84, while
Amgen shares shed 4.2% to $246.79.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 08, 2020 10:29 ET (14:29 GMT)
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