Amgen is trading 10.08% down now at $393.17 after Novartis reported its Phase 3 pelacarsen trial failed to reduce cardiovascular events, raising uncertainty around Amgen’s competing olpasiran program.
- BMO Capital downgraded Amgen from Outperform to Market Perform while retaining a $450 price target, citing limited near-term upside.
- The decline is substantially steeper than the broader market’s moderate weakness.