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Cytokinetics plunges 19% after Phase 2 trial of ALS drug fails to meet endpoints

Sarah Toy

Shares of biotech Cytokinetics Inc. plunged 19% in premarket trade Monday after the company announced that a Phase 2 study of its amyotrophic lateral sclerosis drug did not show a meaningful difference in respiratory function, muscle strength or daily living measures compared with placebo. After 12 weeks on the drug, called reldesemtiv, patients did not show a statistically-significant difference in symptoms at three different dosage points when compared with patients on a placebo, though a post-hoc analysis grouping all treatment groups together showed improvement in daily living compared with placebo. Shares of Cytokinetics have gained 40% in the year to date, while the S&P 500 has gained 17.5%.