Cytokinetics stock jumped 22% on Thursday: what happened?

Cytokinetics Inc (NASDAQ: CYTK) jumped 22% on Thursday following a report that AstraZeneca plc and Novartis AG may be interesting in buying the biopharmaceutical firm.

Buyers are awaiting late-stage study data

The news arrives a couple months after the California-based company was reported exploring its options.

Cytokinetics will publish results of a late-stage trial that tested its aficamten in patients of hypertrophic cardiomyopathy in the coming days.

Both AstraZeneca and Novartis are in a “wait-and-see mode” in the meantime, as per anonymous sources that talked to Dealreporter on Thursday.

If approved, aficamten – the drug that Oppenheimer analyst Justin Kim called a “crown jewel in terms of the pipeline” – will be the first commercial product of Cytokinetics Inc if approved.

Cytokinetics insider recently sold stock

Note that other strategic buyers have also approached the biotechnology company for a potential deal, as per people familiar with the matter.

Cytokinetics Inc was previously reported working with an investment bank following takeover interest from a Swiss-based company.

In November, the Nasdaq-listed firm reported its financial results for the third quarter that missed Street estimates. Cytokinetics stock is now up close to 65% versus its year-to-date low.

A regulatory filing recently said an insider of the Nasdaq-listed firm has sold $461,875 worth of its stock. Wall Street currently has a consensus “buy” rating on Cytokinetics stock.