Novartis shares plummeted 13% following a failed clinical trial for del-desiran, while Amgen shares dropped 9% on contagion fears, pressuring the Dow Jones Industrial Average.
The Dow Jones Industrial Average is experiencing downward pressure primarily due to the significant decline in Amgen shares. As Amgen holds the fourth-largest weight in the index, its 9% drop directly impacts the overall performance of the Dow.
The Dow is being pressured by the decline of Amgen, which is a major component of the index.
Amgen shares fell 9% due to investor concerns regarding its pipeline, specifically its work on a cholesterol-targeting drug similar to one that recently failed in a Novartis trial. The market is reacting to the potential for similar regulatory or efficacy hurdles for Amgen's own drug development.
Amgen shares fell because the company is developing a cholesterol-targeting drug similar to one that recently failed in a Novartis trial.
Novartis shares tumbled 13% after its experimental drug del-desiran failed a key clinical trial for myotonic dystrophy. The negative sentiment spilled over to Amgen, which fell 9% due to concerns over its own similar cholesterol-targeting drug pipeline, subsequently weighing on the Dow Jones Industrial Average.
Novartis shares fell 13% after reporting that its experimental drug del-desiran failed to improve key indicators for patients with myotonic dystrophy.
Amgen shares dropped 9% because the company is developing a similar cholesterol-targeting drug, leading investors to fear potential regulatory or clinical hurdles for the sector.