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.
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