Cytokinetics rises after upsized $650 mln convertible bonds sale

** Cytokinetics' CYTK.O shares up 1.1% before the bell to $50.31 after biotech firm raised more capital than targeted to primarily refinance debt

** South San Francisco, California-based CYTK late Tues announced pricing private offering of $650 mln 1.75% 6-yr convertible bonds (CBs)

** Deal size boosted from $550 mln and initial conversion price of $68.42 is a 37.5% premium to stock's last close of $49.76

** Co intends to use $402.5 mln of net offering proceeds and to issue ~2.2 mln shares in exchange for approx $399.5 mln principal of its outstanding 3.5% CBs due 2027 in negotiated transactions

** Remainder to be used to support potential commercial launch of its heart disease drug, aficamten, and expand the drug's development program, among other uses

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

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

** Through Tues, shares up ~6% YTD

** 16 of 20 analysts rate CYTK "strong buy" or "buy" and 4 rate "hold"; median PT is $74, per LSEG data