This Is Why Cytokinetics Stock (CYTK) Soared Today

Cytokinetics (CYTK) stock rocketed higher on Tuesday after the late-stage biopharmaceutical company announced results from its ACACIA-HCM Phase 3 clinical trial of aficamten. In this study, the company evaluated the efficacy and safety of aficamten in patients with symptomatic non-obstructive hypertrophic cardiomyopathy. This is a genetic heart disorder where the left ventricle thickens and stiffens, hindering blood flow but not obstructing it.

Cytokinetics revealed that the Phase 3 clinical trial met both of its primary endpoints, including statistically significant improvements from baseline to Week 36 compared to placebo in both the Kansas City Cardiomyopathy Questionnaire Clinical Summary Score and the maximal exercise performance.

Fady Malik, M.D., Ph.D., Cytokinetics EVP of Research & Development, said, “Patients with non-obstructive HCM have no therapies approved to treat the underlying hypercontractility associated with the disease. We hope that will change with ACACIA-HCM which is the first clinical trial to demonstrate statistically significant improvements in exercise capacity and symptom burden in patients with non-obstructive HCM.”

Cytokinetics Stock Movement Today

Cytokinetics stock was up 19.53% in premarket trading on Tuesday, following a 4.26% rally yesterday. The shares have increased 3.95% year-to-date and 94.44% over the past 12 months.

With today’s news came heavy trading of CYTK stock, as more than 3.2 million shares changed hands. For comparison, the company’s three-month average daily trading volume was about 1.87 million shares.

Is Cytokinetics Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Cytokinetics is Strong Buy, based on 15 Buy and two Hold ratings over the past three months. With that comes an average CYTK stock price target of $93.47, representing a potential 41.51% upside for the shares.