NEW YORK -- Cytokinetics Inc. said late Monday its head and neck cancer drug candidate failed a midstage trial.
The South San Francisco-based drug developer said the drug, called ispinesib, at best only stabilized the disease in some patients.
A pair of analysts said they were not surprised by the news.
In a Tuesday note, RBC Capital Markets analyst Jason Kantor said he already had low expectations for the trial given results of past testing for ispinesib for other types of cancer.
He reiterated a "Sector Perform" rating on the company, and said it still has a promising heart failure medication in its pipeline, but said study data on it is not expected until later in 2007.
Rodman & Renshaw analyst Michael G. King in a client note dated Monday said ispinesib is more of a commercial candidate for breast and ovarian cancers. He reiterated a "Market Outperform" rating and a $10 target price on Cytokinetics.
Shares of Cytokinetics closed at $6.35 Monday on the Nasdaq.
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