Cytokinetics falls after rival Bristol Myers' heart drug fails trial

Shares of drug developer Cytokinetics CYTK.O fall 3.7% to $38.35 premarket

Rival Bristol Myers Squibb BMY.N said late on Monday its drug, mavacamten, to treat a type of heart disease did not significantly improve functional capacity and symptoms in patients, failing to meet the main goals of a late-stage study

CYTK is also developing an experimental heart drug, aficamten, to treat non-obstructive form of hypertrophic cardiomyopathy, an inherited condition characterized by thickening of heart muscles

BofA says most of its prescribers see the two drugs as "more similar than not clinically"

Brokerage suggests that there might be more discussions about the importance of this class of drugs for all patients, not just those with severe symptoms, due to ongoing uncertainties about the overall potential

Up to last close, CYTK shares down 15.4%