(Reuters) -Amgen mentioned on Wednesday there was no hyperlink between its experimental weight-loss drug and modifications in bone density, a day after these issues wiped off greater than $12 billion from the corporate’s market worth.
The corporate’s inventory slumped 7% on Tuesday after analysts at Cantor Fitzgerald mentioned their evaluation of early-stage information on Amgen (NASDAQ:)’s MariTide confirmed the drug had led to a drop in bone mineral density.
“The Part 1 examine outcomes don’t recommend any bone security concern or change our conviction within the promise of MariTide,” Amgen mentioned, including that it appears ahead to information from its mid-stage examine later this yr.
Shares of Amgen rose 2% in premarket commerce after the corporate’s assertion.
Cantor analysts mentioned they discovered the bone mineral density modifications when reviewing supplemental information that was revealed together with the ends in February.
At the least 4 analysts mentioned the issues have been overblown, particularly contemplating the corporate was conducting a mid-stage examine and deliberate to spend money on a bigger late-stage trial as effectively.
“Whereas a brand new security sign would definitely be (a) trigger for alarm on any drug, the reality is, (Amgen) is aware of much more about this molecule than the Avenue,” Piper Sandler analyst Christopher Raymond (NS:) mentioned in a notice.
