Pre-Market Movers: Cytokinetics, Inc.(NASDAQ:CYTK) Plunges 62% in Pre Market; Yingli Green Energy Hold. Co. Ltd. (ADR)(NYSE:YGE)


Cytokinetics, Inc.(NASDAQ:CYTK) shares have plunged 62% to $4.96 in the pre-market session after the biopharmaceutical company said top-line results of a clinical trial of Tirasemtiv did not achieve its primary efficacy endpoint.

CYTK’s Tirasemtiv is a potential treatment for diseases and conditions associated with aging, muscle weakness and neuromuscular dysfunction.

“Patients with ALS desperately need new therapeutic alternatives to slow the course of their disease and loss of function,” said CYTK CEO Robert Blum. “We stand with the ALS community in our disappointment that [the trial]did not achieve its primary efficacy endpoint.” Secondary efficacy analyses of the effect of Tirasemtiv on respiratory function and other measures of skeletal muscle function produced mixed results.

If today’s early trading trend continues, shares of CYTK could fall below its 52-week low of $5.99 during today’s regular session. It has a 52-week high of $14.28.

Yingli Green Energy Hold. Co. Ltd. (ADR)(NYSE:YGE) has priced its follow-on public offering of 25 million American Depositary Shares at $3.50 per ADS. The company has granted the underwriters a 30-day option to purchase up to 3.75 million additional ADSs to cover over-allotments.

Yingli Green Energy intends to use net proceeds of $83 million for downstream expansion and other general corporate purposes. In particular, it intends to use approximately $55 million to invest in the downstream solar projects together with Shanghai Sailing Capital Management. Shares of YGE are down $0.30 or 7.11% at $3.92 in pre-market trading with a 52-week range of $2.13-$8.77.

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