Amgen slides on Novartis trial read-through and BMO downgrade
-10.08% to $393.17 from $437.23
What moved AMGN
- Amgen shares fell more than 8%, on pace for one of its worst single-day declines since 2016, after Novartis said its Lp(a)-lowering drug pelacarsen failed a Phase III cardiovascular-outcomes trial.
- Investors read across the failure to Amgen’s own experimental Lp(a) drug olpasiran, which uses a similar mechanism.
- BMO Capital Markets downgraded Amgen to Market Perform from Outperform, citing limited near-term upside and more balanced risk-reward.
- BMO’s note also pointed to ongoing loss-of-exclusivity pressure on Amgen products including Prolia/Xgeva, Enbrel, Otezla and Kyprolis.
Sources: Yahoo Finance · Investing.com