Cytokinetics (CYTK) Hits 52-Week High as Revenues Soar Over 1,000%

Cytokinetics Inc. (NASDAQ:CYTK) is one of the 10 Stocks Turning Heads With Double-Digit Gains.

Cytokinetics rallied for a second day on Tuesday, to hit a new 52-week high, as investors gobbled up shares following a stellar first quarter revenue performance, supported by the strong sales for its newly-launched heart disease treatment, myqorzo.

At intra-day trade, the stock climbed to a record high of $80.20 before paring gains to finish the session just up by 16.71 percent at $77.09 apiece.

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In an updated report, Cytokinetics Inc. (NASDAQ:CYTK) said that it raked in $19.3 million in revenues for the first quarter of the year, marking a 1,121 percent expansion from only $1.58 million in the same period last year.

Growth was primarily driven by net product, license, and milestone revenues, which amounted to $16.7 million, versus none in the same period a year earlier.

Meanwhile, Cytokinetics Inc. (NASDAQ:CYTK) remained at a net loss of $206 million, or 28 percent higher than the $161 million in the same comparable quarter.

“The US launch of myqorzo commenced strongly in late January and continues to accelerate. We promptly activated a solid prescriber base of early adopters and are encouraged by initial commercial metrics that are exceeding our expectations,” Cytokinetics Inc. (NASDAQ:CYTK) President and CEO Robert Blum said.

The company began the commercial launch of Myqorzo in January this year, with more than 275 unique healthcare providers already prescribing the medicine.

It also secured the approval of the European Commission for Myrqozo to treat symptomatic (NYHA class II-III) oHCM in adult patients, with the first launch targeted in Germany within the second quarter of the year.

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