Amgen Stock Tumbles 9.51% After Disappointing Lipoprotein(a) Data
Amgen's stock plummeted 9.51% to $395.65 on Tuesday, following disappointing Phase 3 data from Novartis' experimental lipoprotein(a) [Lp(a)]-lowering drug pelacarsen.
The study failed to meet its primary endpoint of reducing major cardiovascular events compared with placebo, and its failure could have implications for other Lp(a)-lowering programs.
Amgen is developing olpasiran, an experimental small interfering RNA (siRNA) designed to lower Lp(a), which is in Phase 3 development for patients with atherosclerotic cardiovascular disease. However, the two drugs use different mechanisms, and Amgen's stock fell below several closely watched technical levels.
The MACD is below its signal line, while the histogram is negative, indicating that buying momentum has faded. Analysts have maintained a Hold consensus rating on Amgen with an average price forecast of $398.52.