Amgen stock dropped 4.7% amid broader market weakness, a BMO downgrade, and investor concerns regarding the clinical efficacy of Lp(a)-lowering treatments following a failed Novartis trial.
The S&P 500 index was down 0.3% in the premarket session.
The Dow Jones Industrial Average declined 0.8% in the premarket session.
Amgen shares experienced a 4.7% decline in premarket trading due to negative Phase III trial results from Novartis regarding their competing Lp(a)-lowering treatment, pelacarsen, which failed to reduce cardiovascular events. This clinical failure has created uncertainty for Amgen's own investigational siRNA therapy, olpasiran, currently in the OCEAN(a)-Outcomes study. Additionally, BMO Capital downgraded the stock from Outperform to Market Perform, citing concerns over the stock's 34% year-to-date rally and potential loss-of-exclusivity headwinds.
No, the Novartis trial result does not determine the outcome of Amgen's study, as the two treatments use different approaches and may be evaluated in different patient populations.
BMO downgraded the stock due to its significant 34% year-to-date outperformance and concerns regarding future loss-of-exclusivity headwinds.
Amgen shares fell 4.7% in premarket trading as investors weighed disappointing Phase III results from a Novartis trial targeting Lp(a) levels. BMO Capital simultaneously downgraded the stock to Market Perform, citing a 34% year-to-date rally and potential loss-of-exclusivity headwinds.
Both companies are developing treatments targeting lipoprotein(a) to reduce cardiovascular risk. The failure of Novartis's pelacarsen to improve clinical outcomes has raised investor concerns about the viability of similar therapies, including Amgen's olpasiran.