Cytokinetics rises after FDA approves co's drug for rare heart disease

Shares of drugmaker Cytokinetics CYTK.O rise 2% to $63.93 premarket

The U.S. Food and Drug Administration on Friday approved Cytokinetics' oral drug to treat a rare heart condition called obstructive hypertrophic cardiomyopathy

The keenly watched drug, branded as Myqorzo, will compete with Bristol Myers' BMY.N Camzyos

"We believe BMY's Camzyos will maintain first-in-class market share advantage vs. CYTK's Myqorzo in oHCM," said Guggenheim Partners analyst Seamus Fernandez

As of last close, CYTK stock was up 33.3% YTD