Investing.com -- Shares of Bristol-Myers Squibb Company (NYSE: BMY ) edged down 0.6% in premarket trading after announcing its Phase 3 ODYSSEY-HCM trial did not meet its primary endpoints. The study evaluated Camzyos (mavacamten) for adult patients with symptomatic non-obstructive hypertrophic cardiomyopathy (nHCM) and failed to show the expected clinical benefits, despite no new safety issues being observed.

The trial’s results have led to a reevaluation of treatment approaches for nHCM, as it differs significantly from obstructive HCM, for which Camzyos has demonstrated benefits. Milind Desai, MD, MBA, from the Cleveland Clinic, noted the importance of the trial for understanding nHCM and highlighted the need to think differently about potential treatments for the disease.

Citi analyst Geoff Meacham maintained a Neutral rating on Bristol-Myers Squibb with a price target of $55.00. Meacham pointed out that while the trial’s failure is a setback, the impact of Camzyos on obstructive HCM remains positive and presents a market opportunity for the product. He emphasized the importance of Bristol’s growth portfolio to counteract the impact of the trial’s results and upcoming loss of exclusivity (LOE) exposure.

Cytokinetics Inc (NASDAQ: CYTK ) also saw its shares decline by 2% premarket due to concerns that the failure of Bristol-Myers Squibb’s trial might have implications for the entire class of cardiac myosin inhibitors (CMIs). Citi analyst David Lebowitz suggested that the negative outcome could create an overhang for Cytokinetics’ aficamten’s Phase 3 ACACIA trial for nHCM. However, he highlighted differences between the ODYSSEY and ACACIA trials that could still result in success for aficamten, including varying primary endpoints and trial designs.

Investors and analysts will continue to monitor the developments in treatments for nHCM and the performance of Bristol-Myers Squibb’s growth portfolio as the company navigates the challenges ahead.

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