1. Cytokinetics Inc. (NASDAQ:CYTK)
Market Capitalization as of September 27: $6.21 billion
Number of Hedge Fund Holders: 64
Cytokinetics Inc. (NASDAQ:CYTK) is a biopharmaceutical company that develops muscle activators and muscle inhibitors as potential treatments for people with diseases characterized by impaired or declining muscle function. The lead drug candidate, mavacamten, is being investigated for the treatment of obstructive hypertrophic cardiomyopathy (HCM). It’s also exploring other therapeutic areas, like heart failure and neuromuscular diseases.
Earlier this year, the company entered into a $575 million funding collaboration with Royalty Pharma. The partnership supports the commercialization and development of Aficamten, a cardiac myosin inhibitor. This funding will help the company expand its cardiovascular pipeline and secure diversified capital.
The company ended up making $249,000, which was a decline of 71.28% year-over-year. The quarter closed with approximately $634.3 million in cash. The deal with Royalty Pharma could provide additional capital.
SEQUOIA-HCM is its most advanced Phase 3 trial for aficamten, but the company also has two other ongoing Phase 3 trials. These trials will provide additional evidence and expand the potential patient population. It’s also continuing its open-label extension study, FOREST-HCM, to collect long-term data.
MAPLE-HCM, a Phase 3 trial comparing aficamten to metoprolol, is expected to complete enrollment in Q3. This trial will address a key question for clinicians about treatment initiation. ACACIA-HCM, a Phase 3 trial for patients with non-obstructive HCM, is also ongoing. Additionally, it opened enrollment for CEDAR-HCM, a Phase 3 trial in pediatric patients with oHCM.
Carillon Eagle Small Cap Growth Fund stated the following regarding Cytokinetics, Incorporated (NASDAQ:CYTK) in its fourth quarter 2023 investor letter:
“Cytokinetics, Incorporated (NASDAQ:CYTK) is a clinical-stage biopharmaceutical company focusing on the discovery and development of therapeutic agents that modulate muscle function for the treatment of diseases and medical conditions. The company reported success in clinical trials for Aficamten, a treatment for symptomatic obstructive hypertrophic cardiomyopathy. Investors are optimistic about the prospects for this medication, which could turn out to be a safer, more effective alternative to the current market leader.”
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