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 factor on the decision has been allowing time for Servier to analyze the COSMIC-HF data. This news was expected by me as Amgen has been extremely positive on the data. See my March 23, 2016 report "Amgen’s R&D Chief Expresses Great Optimism About Omecamtiv Mecarbil for Treating Congestive Heart Failure" for details. Â
No details were given on the design of the trial at this time. You may want to refer to my December 7, 2015 report "An Update on Potential (Highly Probable) Phase 3 Trial of Omecamtiv Mecarbil in Heart Failure"Â for my thoughts on this extremely important trial and what it means to Cytokinetics commercially
Tagged as Amgen, cytk, Cytokinetics, omecamtiv mecarbil, Servier and omecamtiv mecarbil + Categorized as Company Reports, LinkedIn
Larry:
I would have thought that $CYTK would have jumped on this news. Instead it’s down by 14%. What has the markets so spooked? Any thoughts?
Short term hedge fund traders exert a disproportionate impact on small biotech stocks and sometimes produce perplexing price fluctuations as in this case. This is at the worst a very positive event for CYTK.
Might the stock collapse have something to do with the fact that there was no mention of any SPA?
http://www.fool.com/investing/2016/09/01/why-cytokinetics-inc-got-hammered-today.aspx?source=yahoo-2&utm_campaign=article&utm_medium=feed&utm_source=yahoo-2&yptr=yahoo