Cytokinetics punished, but omecamtiv mecarbil results not surprising

|By:, SA News Editor

Shares of Cytokinetics (CYTK -20.8%) are getting punished today after omecamtiv mecarbil — developed with Amgen (AMGN +1.4%) — missed its primary endpoint in a Phase 2 acute heart failure trial.

Investors shouldn't necessarily be surprised, theStreet's Adam Feuerstein writes, noting that both companies "had been warning investors not to expect a statistically significant improvement in overall dypsnea response because the lowest dose of omecamtiv mecarbil tested was thought to be sub-therapeutic."

Leerink agrees. "These results are in line with our expectations since the study was underpowered to hit its primary endpoint," analyst Joseph Schwartz says.

Both Leerink and Feuerstein point out that the highest dose of omecamtiv mecarbil performed better.

While investors await data from COSMIC, it's worth noting the following comment from CYTK CEO Robert Blum: "We're impressed and pleased with the study results because the drug behaved consistent with what we've seen in previous studies."