Amgen falls after reporting mixed data on two drugs

argenx SE

25/09/2024 16:33

** Shares of Amgen  AMGN.O  fall as much as 4.4% to a near
two-month low of $316.22
    ** Stock is set for its worst day in nearly two months if
losses hold
    ** Late on Tuesday drugmaker said its drugs Uplizna and
rocatinlimab, for a rare muscular disorder and a skin disease,
respectively, met the main goals in their late-stage studies
    ** However, results from its drug rocatinlimab for treating
atopic dermatitis or eczema, fell short of its competitors'
drugs, which have already been approved
    ** Results from the trial "appear to fall short" of already
approved drugs like Eli Lilly's  LLY.N  Ebglyss and Sanofi
 SASY.PA -Regeneron's  REGN.O  blockbuster drug Dupixent -
Brokerage BMO Capital Markets 
    ** Brokerage Piper Sandler says it's tough to see Uplizna
unseating rival Argenx'  ARGX.BR  Vyvgart, but believes the
market to be sizable
    ** YTD, AMGN stock up 9.7%

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))