Edgewise Therapeutics (EWTX) stock skyrocketed — and is posed to hit a three-year high — on Thursday after a single dose of its drug improved heart function in cardiomyopathy patients.
The biotech company tested its drug, EDG-7500, in healthy volunteers and patients with obstructive hypertrophic cardiomyopathy. In this disease, a genetic mutation causes the heart ventricles to thicken. This limits cardiac function and exercise capacity.
After a single dose, patients showed improved blood flow from the left ventricle. But sometimes drugs can do their job too well, suppressing cardiac function — a measure known as reduced left ventricular ejection fraction, or LVEF. But patients didn't show meaningful reductions in LVEF.
In response, Edgewise Therapeutics stock soared 33.8% to 25.51. That put shares on deck to open at their highest point since June 2021. Shares have a nearly perfect IBD Digital Relative Strength Rating of 98, putting them in the leading 2% of all stocks in terms of 12-month performance.
Meanwhile, shares of Cytokinetics (CYTK), slipped 2.3% to 54.63. Cytokinetics is working on an experimental treatment for the same condition. Bristol Myers Squibb (BMY), which sells the only approved drug for the disease, rose a small fraction to 49.78.
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