Sub 8's are here, why not sub 7. Still mystified why they presented here as they've known about the data for some time. They should have released it sooner + moved on. It was painful listening on the call + didn't like "disappointed" in the text. heavy vol is driving it lower as analysts are making calls to clients + expect downgrades to occur. Leerink thinks the drop is over done but a 25%+ hair cut is nothing to get excited about. Amgen is next on deck as to their take on the trial + where they expect to go at the ESC. That will be another moving event.
mario, I have looked for a time for the Amgen presentation and do not find one in the press or on the Amgen web site. My take is that Amgen is viewing the Teerlink peer-reviewed presentation as the one they highlight in their press release. Is that your view as well? If Amgen is not doing a separate presentation - which has the potential to create significant channel conflict with CYTK's - they are likely to remain silent on their Phase 3 plans until after they see the COSMIC data. I find it hard to believe Amgen's intention at this point is not to proceed to Phase 3 based on the recent Japan distribution rights deal, the recent equity investment in CYTK, and the Servier deal - all of which occurred after Amgen reviewed the exact same data that was presented today.
Your answer is coming quicker than I thought. Large vol swings it lower by .10 - .15 each move lower. and we haven't heard anything from the analysts yet. 7.62 and I don't see a clear bottom. Mgt didn't do us any favors with that presentation + Q&A. Still stunned by the magnitude of the drop here, its like they have no other drug than OCM. This price action is saying phase II was a complete failure + there will be no phase III + I don't buy this early assessment.