What's Going On With Amgen Stock Tuesday?
Key takeaways
- Amgen’s stock slid sharply as the Novartis Phase 3 failure cast doubt on the Lp(a)‑lowering strategy that underpins Amgen’s olpasiran program.
- $395.65 (current price)
- -9.5% (price decline)
- $430.22 (20‑day SMA)
What happened
Amgen shares fell 9.5% to $395.65 on Tuesday after investors weighed the impact of Novartis’ Phase 3 failure of its lipoprotein(a)‑lowering drug pelacarsen, which could signal uncertainty for Amgen’s own Lp(a)‑lowering siRNA candidate olpasiran.
Why it matters
The Novartis setback raises doubts about whether lowering Lp(a) translates into cardiovascular benefit, a key question for Amgen’s pipeline. A negative outcome could dampen enthusiasm for siRNA‑based Lp(a) therapies and affect valuation of Amgen’s future prospects.
Short-term and longer-term
Short-term. Short‑term traders should watch the 50‑day SMA at $397.75 as a resistance level; a break above could signal a rebound, while a decline toward the 200‑day SMA at $358.69 could trigger further selling.
Longer-term. Long‑term investors need to reassess the risk premium on Amgen’s Lp(a) program, given the clinical uncertainty highlighted by Novartis.