Ionis Pharma tumbles after heart drug fails late-stage trial

** Ionis Pharmaceuticals' IONS.O shares fall 12.7% to $50.70 premarket

** Novartis NOVN.S and Ionis said late Friday their experimental drug pelacarsen did not cut the risk of major heart attacks and strokes in patients with a genetic risk factor in a late-stage trial

** The drug successfully lowered a dangerous genetic cholesterol, Lp(a), but it did not improve overall heart health outcomes

** The trial failure was negative for biopharma sector perception because lowering Lp(a) "did not reduce cardiovascular events in the overall population", say analysts at Leerink Partners

** Amgen's AMGN.O and Eli Lilly's LLY.N drugs "lower Lp(a) more than pelacarsen" and could now face greater scrutiny - brokerage

** Amgen shares slip 5% to $415.01 before the bell

** As of last close, IONS down 26.6% YTD