Amgen's Stock Plunges as Analysts Downgrade Amid Lp(a) Concerns
Amgen's stock gapped down at the market open on Tuesday, trading at $401.85 after previously closing at $437.23.
The company reported that its Phase 3 DeLLphi-305 trial met its primary endpoint, showing a statistically significant and clinically meaningful overall-survival benefit for IMDELLTRA combined with AstraZeneca's Imfinzi versus Imfinzi alone in first-line extensive-stage small-cell lung cancer.
Cantor Fitzgerald reaffirmed its neutral rating and assigned a $400 price target, while BMO Capital Markets downgraded Amgen to Market Perform from Outperform, citing a more balanced risk-reward profile and limited immediate upside.
The company's experimental Lp(a) drug olpasiran is also under scrutiny after Novartis' Phase 3 pelacarsen trial failed to reduce cardiovascular events despite lowering Lp(a).