Amgen Shares Drop Amid Mixed News from Lp(a) Trials and BMO Downgrade
Amgen (NASDAQ:AMGN) shares fell nearly 5% in premarket trading on September 8, as investors reacted to a failed Phase III trial by Novartis involving its experimental drug pelacarsen. The treatment did not reduce cardiovascular events despite lowering Lp(a), a risk factor for heart disease. This outcome raises questions about whether reducing Lp(a) levels will lead to better clinical outcomes across similar therapies in development, including Amgen's olpasiran. Separately, BMO Capital downgraded Amgen from Outperform to Market Perform while keeping its $450 price target unchanged. The downgrade cited strong year-to-date gains and potential challenges related to loss of exclusivity for some products. Meanwhile, broader U.S. markets also declined slightly during the premarket session. Investors are now waiting on results from Amgen's ongoing OCEAN(a)-Outcomes trial to determine if olpasiran will show a positive impact on cardiovascular outcomes.
