Cytokinetics shares are trading lower following a report suggesting Novartis has backed away from a potential deal for the company.
Portfolio Pulse from Benzinga Newsdesk
Cytokinetics' stock price has dropped after reports that Novartis is no longer pursuing a potential acquisition deal with the company.
January 11, 2024 | 8:17 pm
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Cytokinetics' shares have declined due to reports that Novartis has decided not to proceed with a potential acquisition of the company.
The potential acquisition by Novartis was likely viewed as a positive development for Cytokinetics, implying a premium on the current stock price. Novartis backing away could lead to a negative sentiment among investors, causing a short-term decline in CYTK's stock price.
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