QUICK SPARK: Amgen Stock Eyes Worst Day Since October 2000
Key takeaways
- Amgen’s stock plunged 9.8% after Novartis’ failed Lp(a) trial, shaking confidence in Amgen’s competing therapy.
- Amgen fell 9.8% to $394.56
- Novartis ADR shares dropped 14%
- IBB down 1.8%
What happened
Amgen Inc. (NASDAQ: AMGN) fell 9.8% to $394.56 on Tuesday, its steepest one‑day drop since October 2000, after Novartis AG (NYSE: NVS) announced that its investigational lipoprotein(a) therapy, pelacarsen, failed to reduce cardiovascular death, heart attacks or strokes in a Phase 3 trial.
Why it matters
The Novartis setback directly impacted Amgen because Amgen’s olpasiran targets the same lipid (Lp(a)) but with a different mechanism, leading investors to reassess Amgen’s competitive position in the Lp(a) therapeutic space.
Short-term and longer-term
Short-term. Short‑term traders should watch Amgen’s price action for a potential rebound as the market digests the Novartis news.
Longer-term. Longer‑term investors should reassess Amgen’s position in the Lp(a) therapeutic arena, considering whether the company’s olpasiran can still compete once Novartis’ failure is factored into the market’s expectations.