Even Amgen knew the low dosage wasn't going to wow anybody and had said so. Yet, what does the breaking news of the day headline....CYTK fails to meet primary endpoint. I really believe this day was for the 'shorts' and was MADE to be that way. Good news for those buying in at lower prices though. I didn't have a position yesterday so didn't lose anything but I did snap up a few today:)
I agree- the Reuters piece from this morning, the first article out, was particularly misleading and damaging. Ben Hirschler's piece at best reflects a journalist with little understanding of the subject matter and a desire to add a dash of drama... at worst a crooked journalist "shaving points". For whatever reason he paints a picture of a drug that has been all but dealt its death blow by missing its goal in a mid-stage trail when, as you point out, the missed goal was fully-expected and the data, while not indicative of a miracle cure, were good enough for Amgen and had been known to be good enough for Amgen for weeks. Hirschler insinuates that continuing forward to look at the COSMIC data will be a desperate Hail Mary despite the ATOMIC results, as opposed to the on-track next step supported by the safety, tolerability, and trends demonstrated by ATOMIC. Unfortunately everyone woke up to Reuters' negligent misrepresentation of the situation. I hate to say it but Feurstein had about the only balanced and intelligent article on the day.