Shares of Cytokinetics (NASDAQ:CYTK) experienced a premarket decline of 3.7% to $38.35 on Tuesday, following news that a competing heart drug from Bristol Myers Squibb (NYSE:BMY) failed to meet its primary goals in a late-stage clinical trial.
Bristol Myers Squibb announced late on Monday that its drug, mavacamten, intended for the treatment of a specific type of heart disease, did not significantly improve functional capacity and symptoms in patients.
This outcome casts a shadow over the prospects of similar drugs in the same class.
Cytokinetics is also actively developing its own experimental heart drug, aficamten.
Aficamten targets the non-obstructive form of hypertrophic cardiomyopathy, a genetic condition characterized by the thickening of heart muscles.
According to analysts at BofA, most prescribers view the two drugs, mavacamten and aficamten, as "more similar than not clinically."
This perceived similarity likely contributed to the negative market reaction for Cytokinetics' stock.
A brokerage suggested that the disappointing results from Bristol Myers Squibb's study could lead to increased discussions about the overall potential of this class of drugs, particularly regarding their use beyond patients with severe symptoms, given the ongoing uncertainties highlighted by the trial outcome.
Prior to today's premarket trading, Cytokinetics' shares had already fallen by 15.4% up to the last market close.