Cytokinetics falls after announcing $550 mln convertible bonds offering

Cytokinetics' CYTK.O shares down 3.3% in extended trading to $48.10 as biotech firm looks to raise capital

South San Francisco, California-based CYTK announces private offering of $550 mln 6-yr convertible bonds (CBs)

Co plans to use net offering proceeds to support potential commercial launch of its heart disease drug, aficamten, expand the drug's development program, among other uses

It also intends to use portion of proceeds to issue shares in exchange for a portion of its outstanding 3.5% CBs due 2027 in negotiated transactions

On Sept 2, CYTK shares soared ~40% to close at $49.62 after co said aficamten outperformed standard-of-care treatment, metoprolol

Co has roughly $6 bln market cap, based on ~119.7 mln shares outstanding

Shares on Tues ended up 0.6% at $49.76, up nearly 6% YTD

Of 20 analysts covering CYTK, recommendation breakdown is 16 "strong buy" or "buy" and 4 "hold"; median PT is $74, per LSEG data