Amgen Stock Plunges on Novartis Drug Data

Amgen stock was trading lower on Tuesday due to concerns about its potential impact from disappointing Phase 3 data for Novartis's experimental lipoprotein(a) [Lp(a)]-lowering drug pelacarsen.

The study failed to meet its primary endpoint of reducing major cardiovascular events compared with placebo, raising questions about whether lowering the biomarker ultimately reduces cardiovascular events.

Amgen is developing olpasiran, an experimental small interfering RNA designed to lower Lp(a), which is in Phase 3 development for patients with atherosclerotic cardiovascular disease.

The two drugs use different mechanisms: pelacarsen is an antisense oligonucleotide, while olpasiran uses siRNA technology.