Amgen falls after Novartis trial setback, BMO downgrade

NewAmsterdam Pharma

08/09/2026 11:11

Updates
** Shares of Amgen AMGN.O slip 5.05% to $415.15 premarket
** Novartis' NOVN.S cholesterol drug failed in a closely watched study, raising concerns for Amgen's experimental cholesterol drug olpasiran
** J.P. Morgan analysts say Novartis' pelacarsen study results lower expectations for Amgen's olpasiran ahead of late-stage data expected in late 2027 or early 2028
     ** Brokerage says it is less convinced this would be clinically meaningful enough to translate to a significant commercial opportunity, even if olpasiran is able to show a stronger signal than pelacarsen
** Shares of NewAmsterdam Pharma NAMS.O, which is also developing a rival cholesterol drug named obicetrapib, slid more than 10% before the bell
** Separately, BMO Capital Markets downgrades Amgen to "market Perform', maintains PT of $450
** Says Amgen still faces meaningful loss-of-exclusivity pressures, adds more clarity is needed on the competitive profile of its experimental weight-loss drug MariTide
** As of last close, AMGN up 33.5% YTD

(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))