2024-03-16 03:43:48 ET
Summary
- Cytokinetics' share price is down 40% from January highs due to Novartis reportedly giving up on acquiring the company, and more recently, due to CEO Blum talking down buyout prospects.
- Blum said the company had not initiated a sale process and emphasized the focus on business development and partnerships, particularly in Japan.
- In the absence of a buyout, the attention will now turn to data presentations of aficamten, regulatory submissions expected in Q3 and Q4.
- Cytokinetics is now trading at attractive levels as a standalone entity.
Shares of Cytokinetics ( CYTK ) are down 40% from early January highs as bullish investor sentiment driven by positive SEQUOIA phase 3 results of aficamten and buyout speculation waned, initially after new rumors surfaced that Novartis walked away, and more recently, after CEO Blum talked down the buyout prospects on the earnings call in late February, and this week at the Leerink Healthcare Conference....
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Cytokinetics: CEO Talks Down Buyout Prospects