Amgen Drops 5% as Novartis Trial Failure Clouds Olpasiran Outlook
AMGN sits 54% above its 52-week low of $269.77.
Summary
Amgen shares fell 5.2% premarket after Novartis's cardiovascular drug pelacarsen failed its phase 3 trial, raising doubts about Amgen's similar drug olpasiran, which has phase 3 data expected in mid-2028. Cantor analyst Carter Gould noted the market had priced in a 65%+ probability of success for olpasiran, so the setback hit sentiment hard. BMO Capital also downgraded Amgen to Market Perform from Outperform, though it kept a $450 price target. The drop reflects a repricing of pipeline risk rather than any company-specific news. Watch for any Amgen commentary on olpasiran's development timeline or additional analyst revisions.
At the time of this announcement, AMGN was trading at $415.26 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $236.4B. The 52-week trading range was $269.77 to $447.03. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.