Cytokinetics Inc CYTK:NASDAQ

Last Price$39.76NASDAQ Previous Close - Last Trade as of 4:00PM ET 5/20/22

Today's Change+0.97(2.50%)
Bid (Size)$39.15 (1)
Ask (Size)$44.87 (3)
Day Low / High$38.03 - 39.85
Volume710.8 K

Sector Update: Health Care Stocks Slumping Near Friday Close

4:00PM ET 1/07/2022 MT Newswires
Health care stocks turned narrowly lower this afternoon, with the NYSE Health Care Index slipping 0.2% and the SPDR Health Care Select Sector ETF (XLV) down 0.4%.

The Nasdaq Biotechnology index was sinking 0.7%.

In company news, Moderna (MRNA) was 0.9% lower late in Friday trading, easing from a nearly 3% morning gain, after the US Food and Drug Administration on Friday reduced the interval between initial vaccination and booster shots for individuals 18 years and older under an amended emergency use authorization adopted amid the rapid spread of the omicron variant of the coronavirus.

Siyata Mobile (SYTA) plunged Friday, at one point sinking almost 45% to a record low of $1.78 a share, after the cellular communications equipment company overnight priced a $20 million public offering of nearly 8.7 million common shares at $2.30 apiece, or 40% under its last closing price. Investors also received an equal number of five-year warrants to buy an additional share, also exercisable at $2.30 per share.

Cytokinetics (CYTK) fell 9.1% after the drug discovery company Friday said it secured up to $450 million in new funding from Royalty Pharma (RPRX) for the potential commercialization of Cytokinetics' omecamtiv and its aficamten mecarbil cardiac myosin inhibitors. Cytokinetics is eligible for $50 million at closing, with another $250 million available through four tranches as certain milestones are reached. The final $150 million will be paid as royalties on sales of aficamten.

Among gainers, Absci (ABSI) climbed over 17% after the synthetic biology company Friday announced a research collaboration with Merck (MRK) using its bionic protein amino acid technology to produce enzymes suited to Merck's biomanufacturing applications. Merck also will have the option to nominate up to three targets, which would trigger a drug discovery agreement worth up to $610 million for Absci, as well as research funding and tiered royalties on sales.