Investing.com -- Cytokinetics Inc (NASDAQ: CYTK) shares rose 4% on Thursday, outpacing the Nasdaq Biotechnology Index's 1% gain, as investors appeared to view Bristol's recent update positively for the ACACIA trial, according to Bank of America analysts.

The bank noted that whether the development meaningfully changes the probability of success remains unclear. Bank of America said its discussions with approximately six key opinion leaders, including clinicians supportive of Myqorzo and investigators involved in the ODYSSEY trial, continued to highlight skepticism around the mechanistic rationale, which the bank views as a key concern. The bank also stated it is not evident that Cytokinetics has successfully identified an optimal patient population, if one exists.

Bank of America emphasized that Bristol's renewed commitment reinforces a longstanding view that Bristol was unlikely to abandon the non-obstructive hypertrophic cardiomyopathy opportunity, regardless of ODYSSEY results, whether through guideline inclusions or additional studies. The bank noted that most key opinion leaders view the two drugs as more similar than different, suggesting Bristol is likely to remain a major competitor.