Novartis Heart Drug Failure Sends Amgen Down 9%, Worst Day Since 2000
AMGN sits 47% above its 52-week low of $269.77.
Summary
Amgen shares plunged more than 9% after Novartis's pelacarsen failed to reduce cardiovascular events, casting doubt on Amgen's similar investigational drug olpasiran. The decline, exacerbated by a BMO Capital Markets downgrade, puts Amgen on pace for its worst day since October 2000. Citi analyst Geoff Meacham said Amgen's drug faces the clearest risk besides Novartis, while Barclays' Emily Field noted the readout 'blows up the Lp(a) thesis.' This follows a strong Q2 beat and raised guidance in early August, but the Lp(a) setback adds to existing overhangs from the Tavneos withdrawal proposal and IRS tax dispute. Watch for Amgen's olpasiran trial data and any further analyst downgrades.
At the time of this announcement, AMGN was trading at $396.14 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $214.2B. 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 9 out of 10. Source: Dow Jones Newswires.