Zinger Key Points
- Shares of Cytokinetics pull back over 11% on Tuesday.
- The move represents a pullback from strength seen on Monday.
- The new Benzinga Rankings show you exactly how stocks stack up—scoring them across five key factors that matter most to investors. Every day, one stock rises to the top. Which one is leading today?
Cytokinetics, Incorporated CYTK shares are trading lower on Tuesday, pulling back from Monday strength.
What To Know: Cytokinetics stock has had an extraordinary past few weeks, up over 200% in the past month. One of the biggest catalysts moving shares during the stock's December climb was the company's announcement of topline results from its SEQUOIA-HCM, the Phase 3 clinical trial of aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy.
The stock extended its rally into 2024 despite markets struggling in the new year. On Monday, shares reached an all-time high, propelled by news of a report suggesting Novartis NVS is in advanced talks to buy Cytokinetics, a deal which is valued at roughly $9 billion. As of Monday, it was reported that Novartis is approaching the final stages of acquiring the company.
Following Monday's move, shares sold off by over 11% on Tuesday.
Related Link: This Apple Analyst Deep Dives Into Latest App Store Data
CYTK Price Action: Shares of Cytokinetics were down 6.48% at $101.06 at the time of publication, according to Benzinga Pro.
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