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Cytokinetics: A Look at the Clinical Trial Programs Underway (CYTK, Buy, $13.00)

The Investment Thesis Is Based on Three Drugs in Late Stage Development In partnership with Amgen, Cytokinetics has advanced omecamtiv mecarbil into phase 3 development for congestive heart failure; topline data is projected for January 2021. Without a partner, Cytokinetics has progressed tirasemtiv into a late phase 3 ALS trial; topline data is projected for […]

Cytokinetics: Discussion of Financing Deal with Royalty Partners (CYTK, Buy, $11)

Terms and Implications of This Deal Cytokinetics announced that it had concluded a deal to sell a portion of the future royalty stream on omecamtiv to Royalty Partners, perhaps the leading purveyor of this type of financial instrument. Omecamtiv is partnered with Amgen and recently entered the phase 3 GALACTIC HF trial which will enroll […]

Cytokinetics: Results of COSMIC HF Published in The Lancet; Phase 3 GALACTIC HF Trial Has Started (CYTK, Buy, $12.00)

Key Points Results from the COSMIC HF phase 2 trial of omecamtiv mecarbil support the hypothesis that it improves heart function and (very importantly) reverses structural damage in patients with heart failure. Side effects are comparable to placebo. If these results are replicated in the GALACTIC-HF phase 3 trial, I believe that omecamtiv mecarbil has […]

Cytokinetics: My Relative Market Value Analysis Suggests that the Stock Should be Selling at More Than $20 (CYTK, Buy, $8.95)

Investment Thesis Cytokinetics looks to me to be seriously undervalued when I contrast its market value (stock price multiplied by shares outstanding) of $430 million to that of other early stage biotechnology companies. In this note I look at key investment attributes of CYTK in comparison to those of a number of other biotechnology companies […]

Cytokinetics; Amgen and Servier Announce Decision to Move Omecamtiv Mecarbil into Phase 3 (CYTK, Buy, $12.07)

Amgen issued a press release today in which it announced that Servier had decided to exercise its option to commercialize omecamtiv mecarbil in chronic heart failure in Europe, Russia and certain other territories. The companies announced that the Phase 3 program of omecamtiv mecarbil will move forward in collaboration with Cytokinetics. I think that the gating […]

Cytokinetics: Tirasemtiv Completes Phase 3 Enrollment (CYTK, Buy, $11.89)

Cytokinetics has announced that the VITALITY-ALS trial of tirasemtiv has completed enrollment. The study includes three phases. The first is a two week open label phase; those patients who can tolerate tirasemtiv are then randomized into the second phase. This is a 48 week double-blind, placebo-controlled trial in which patients are randomized 3:2:2:2 to placebo […]

Cytokinetics: Collaboration with Astellas is Expanded and Will Bring in $65 Million of Cash (CYTK, $10.45, Buy)

Overview of Expanded Collaboration Cytokinetics and Astellas announced on July 27th that they had expanded their collaboration for the development of products based on skeletal muscle activation. Cytokinetics has pioneered this very promising field and I believe has a commanding edge in the understanding of drug development based on this biology. The expansion has two […]

Cytokinetics: Phase 2 Trial of CK-2127107 in COPD Begins (CYTK, $9.37, Buy)

Overview of COPD Cytokinetics announced today that it is beginning a phase 2 trial of CK-2127107 in chronic obstructive pulmonary disease (COPD). The trial is being conducted by CYTK’s partner Astellas. COPD usually is caused by long time smoking and has two main forms: (1) chronic bronchitis, which is characterized by a long-term cough with […]

Cytokinetics: Amgen’s R&D Chief Expresses Great Optimism About Omecamtiv Mecarbil for Treating Congestive Heart Failure (CYTK, Buy, $6.53)

Purpose of This Report I have written frequently about omecamtiv mecarbil, Cytokinetics’ extremely promising new drug for congestive heart failure (CHF). I believe that it has the potential to be a therapeutic breakthrough for CHF which can significantly reduce mortality and morbidity. I see it as an add-on therapy to current standard of care drugs […]

Cytokinetics: Comments on the Patent Situation of Omecamtiv Mecarbil (CYTK, Buy, $6.40)

Introduction If you read my note of yesterday, there can be no question that Amgen views omecamtiv mecarbil as a major breakthrough for the treatment of congestive heart failure if phase 2 data can be replicated in phase 3 trials. That note was based on a presentation by Cytokinetics at the Cowen conference on Monday […]