Novartis Heart Therapy Trial Setback Sends Amgen Stock Plummeting

Amgen Inc.'s stock plummeted by over 8% on September 8th, marking its worst single-day decline since 2016. This significant drop was triggered by a major setback in Novartis' late-stage trial for its heart disease therapy, which is being developed in collaboration with Ionis Pharmaceuticals.

The therapy, aimed at treating high cholesterol and preventing cardiovascular events, has faced a significant hurdle after the trial showed disappointing results. As a result, BMO Capital Markets downgraded Amgen's stock, further exacerbating the decline.