Cytokinetics (CYTK) said Monday its experimental treatment improved blood flow for patients with a genetic heart disease, and the biotech stock sprinted to a decade-high.
The biotech company studied its drug, called CK-274, in patients with hypertrophic cardiomyopathy, or HCM. With this disease, the heart muscle becomes abnormally thick, making it hard to pump blood. After 10 weeks, 92.9% of patients who received the high dose achieved significant improvements in blood flow. In the low-dose group, 78.6% of patients achieved the same result.
Now, Cytokinetics said it’s moving into a Phase 3 study.
Biotech Stock Soars To Decade-High
Biotech stock analysts were quick to compare the Cytokinetics results to MyoKardia’s. Bristol Myers Squibb (BMY) bought MyoKardia for $13.1 billion last year. MyoKardia has a rival drug called mavacamten.
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, Mizuho Securities analyst Salim Syed said in a note to clients. 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,” Syed said.
Syed has a buy rating and 36 price target on biotech stock Cytokinetics.
Cytokinetics Tops Moving Averages
That helped reverse a general downtrend that began in late April and put the biotech stock narrowly in the red for the year.
Meanwhile, Bristol Myers stock fell 1.4% to 66.36.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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