Amgen AMGN has decided to terminate the collaboration deal with Cytokinetics Incorporated CYTK related to its investigational candidate, omecamtiv mecarbil. Amgen said that it will transition development and commercialization rights for omecamtiv mecarbil and AMG 594 to Cytokinetics.
Cytokinetics said that it will have no trailing royalty payment obligations to Amgen for either omecamtiv mecarbil or AMG 594.
Shares of the company have decreased 5.3% year to date while the industry did not show any movement.
Omecamtiv mecarbil is an investigational cardiac myosin activator, developed for the potential treatment of heart failure with reduced ejection fraction (HFrEF), and was evaluated in GALACTIC-HF, a phase III cardiovascular outcomes study. The study met the primary composite efficacy endpoint by demonstrating a statistically significant effect to reduce cardiovascular (CV) death or heart failure events when treated with omecamtiv mecarbil as compared to placebo.
However, omecamtiv mecarbil failed to achieve the secondary endpoint of reduction in CV death in the given patient population.
AMG 594, a novel mechanism cardiac troponin activator, is in phase I development for HFrEF and other types of heart failure.
Amgen remains committed to working toward advancing its innovative therapies, including its Lp(a) inhibitor olpasiran (AMG 890), which is currently in a phase II study being evaluated for the treatment of cardiovascular diseases.
Zacks Rank & Stocks to Consider
Amgen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector include ASLAN Pharmaceuticals Ltd. ASLN and Abeona Therapeutics Inc. ABEO, both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ASLAN’s loss per share estimates have narrowed from 42 cents to 40 cents for 2020 and from 60 cents to 57 cents for 2021 over the past 60 days. Shares of the company have decreased 37.5% year to date.
Abeona’s loss per share estimates have narrowed from 96 cents to 88 cents for 2020 and from 69 cents to 64 cents for 2021 over the past 60 days. Shares of the company have decreased 52% year to date.
Amgen Inc. Price
Amgen Inc. price | Amgen Inc. Quote
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity. A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Amgen Inc. (AMGN) : Free Stock Analysis Report
Cytokinetics, Incorporated (CYTK) : Free Stock Analysis Report
Abeona Therapeutics Inc. (ABEO) : Free Stock Analysis Report
ASLAN Pharmaceuticals Ltd. (ASLN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research