BUZZ-Amgen falls after Novartis trial setback, BMO downgrade
AMGN•Amgen falls after Novartis trial setback and BMO downgrade
- Shares of Amgen (AMGN.O) slip 4.8% to $416 premarket.
- Novartis' (NOVN.S) cholesterol drug failed in a closely watched study, raising concerns for Amgen's experimental cholesterol drug olpasiran.
- J.P. Morgan analysts say Novartis' pelacarsen study results lower expectations for Amgen's olpasiran ahead of late-stage data expected in late 2027 or early 2028.
- The brokerage says it is less convinced this would be clinically meaningful enough to translate to a significant commercial opportunity, even if olpasiran is able to show a stronger signal than pelacarsen.
- Separately, BMO Capital Markets downgrades Amgen to 'Market Perform', maintains PT of $450.
- BMO says Amgen still faces meaningful loss-of-exclusivity pressures, and adds more clarity is needed on the competitive profile of its experimental weight-loss drug MariTide.
- As of last close, the stock was up 33.5% YTD.
