Shares of MyoKardia Inc. (MYOK) touched an all-time high of $104.26 in intraday trading on Monday, before closing at $96.90, thanks to positive top-line data from the Company’s phase III EXPLORER study of Mavacamten for the treatment of obstructive hypertrophic cardiomyopathy.
We had alerted our premium subscribers to MYOK on April 5, 2017, when it was trading around $12. (Report titled “Can the pioneer win investors’ hearts?”)
Going by the performance of the stock now, it sure looks like MYOK has won investors’ hearts.
The news about the EXPLORER study added as much as 71% to the stock price sending it to an all-time intraday high of $104.26 yesterday.
The EXPLORER clinical trial evaluated MyoKardia’s lead asset Mavacamten for the treatment of patients with symptomatic, obstructive hypertrophic cardiomyopathy (HCM), a chronic disease that causes the left ventricle of the heart to contract harder and become thicker than normal.
HCM is estimated to affect one in every 500 people. The most frequent cause of HCM is mutations in the heart muscle proteins of the sarcomere.
According to the trial results released yesterday, Mavacamten demonstrated a robust treatment effect wherein the primary and all secondary endpoints of the EXPLORER trial were met with statistical significance Mavacamten was well tolerated, and meaningful improvements in symptoms, functional status and quality of life, as well as reduction or elimination in obstruction of the left ventricle, were observed among patients on treatment versus placebo.
MyoKardia plans to submit a New Drug Application for Mavacamten in the treatment of obstructive hypertrophic cardiomyopathy in the first quarter of 2021.
If approved, Mavacamten will be the first drug to target the specific molecular defect of hypertrophic cardiomyopathy.
As of March 31, 2020, the Company’s cash, cash equivalents, and investments totaled $360.1 million.
The Company has commenced a proposed underwritten public offering to sell $450.0 million in shares of its common stock. The underwriters will have a 30-day option to purchase up to $67.5 million in additional shares of common stock.
MYOK closed Monday’s trading at an all-time high of $96.90, up 58.62%. In intraday trading yesterday, the stock had touched $104.26.
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