Cytokinetics dips after boosted $700 mln stock sale for heart drug

Cytokinetics, Incorporated

07/05/2026 11:45

** Shares of Cytokinetics CYTK.O down 1.1% at $74 premarket after $700 mln follow-on offering priced

** Co late Weds sold ~9.86 mln shares at $71, a 5.1% discount to last sale

** CYTK's stock closed up about 17% at over 2-yr high of $77.09 on Tues after co said its drug, aficamten, met dual goals of a late-stage study for non-obstructive hypertrophic cardiomyopathy (nHCM), a genetic heart condition

** Its stock fell 2.9% on Weds after co late Tues announced $650 mln offering to fund the commercial launch of aficamten, approved under the brand name Myqorzo, and advance its pipeline, per the prospectus

** Morgan Stanley, Goldman Sachs, J.P. Morgan and Jefferies joint bookrunners

** Prior to the offering, South San Francisco, California-based CYTK had ~124.2 mln shares outstanding

** Through Weds, stock up ~18% YTD and 120% over the past 12 months

** 18 of 21 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $102.50, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))