Diamonds and Dogs
9/3/13Cytokinetics Incorporated (CYTK)
Cytokinetics is skipping a beat today, down 26.93% at $7.65. The biopharmaceutical company saw its shares fall around $2.80 after news that the company's heart failure drug did not meet its main goal in clinical trial. Cytokinetics and its partner Amgen said the drug, omecativ mecarbil, did not work better than a placebo in treating shortness of breath in patients with acute heart failure. The mid-stage study compared three different doses of omecativ mecarbil to a placebo in 613 patients. However, the company did say that patients with the largest dose did see improvement when compared to the results in patients with the placebo. Cytokinetics shares are trading in the middle of their 52-week range of $3.48-$14.28.
Nokia Corporation (NOK)
Nokia is having a great day, up 31.54% at $5.13. The mobile communication company saw its shares spike on news that Microsoft said they would buy the company. Microsoft made an offer to buy Nokia for $7.2 billion (or 5.44 billion euros). Microsoft is hoping that owning Nokia's phone business will help the software giant grab a bigger slice of the mobile computing market from Apple and Google. "It's a bold step into the future a win-win for employees, shareholders and consumers of both companies," Microsoft CEO Steven Ballmer told reporters at Nokia's headquarters in Finland Tuesday. "It's a signature event." Nokia shares hit a new 52-week high of $5.58 intraday.