Cytokinetics, Incorporated (CYTK) stock today announced positive topline results of Redwood-HCM after which the CYTK stock price soared by 52.00% to reach $29.23 a share at the time of this writing. Redwood HCM is the clinical trial of CK-274 in patients suffering from obstructive HCM(oHCM). Before this announcement, the stock was declining and dropped by 0.47% at the previous closing. Let’s understand more about recent events.
Redwood-HMC results review:
According to the results of Redwood-HCM’s cohort 1 and 2, 10 weeks of treatment with CK-274 has resulted in significant statistical reductions from baseline as compared to placebo. 78.6% of patients treated with CK-274 in cohort 1 and 92.9% in cohort 2. Majority out of these patients have achieved the desired results of the treatment. The target goal was resting gradient below 30 mmHg and post-Valsalva gradient (LVOT-G) below 50 mmHg at Week 10 compared to placebo. The reductions in LVOT-G were started in the first two weeks of the treatment and became maximum till the end of the sixth week of the treatment. The reductions were sustained for the rest of the remaining weeks of the treatment. It was observed that the reductions in LVOT-G were proportional to the doses of CK-274.
There were no serious adverse effects observed during the treatment with CK-274 and no interruptions occurred. One patient in the dose range-finding trial experienced a transient decrease in left ventricular ejection fraction (LVEF). This problem was related to the dose adjustment rather than dose interruption.
Previous Activity by CYTK stock:
CYTK stock at the beginning of this month on July 01, 2021, did announce that it had granted stock options to its twelve new employees on June 30, 2021. According to the stock option, the 12 new employees were eligible to purchase an aggregate of 90,000 shares of common stock. The Cytokinetics’ board of directors Compensation and Talent Committee had approved the grant before. The exercise price was $19.79 per share of the CYTK stock which was the closing price on June 30, 2021.
Investors are responding positively to the positive results of Redwood-HCM. The trading volume of the CYTK stock today is far above the average so far. The planned phase three registrational clinical trial of CK-274 is expected to begin before the end of the current year.