Amgen shares slip as obesity drug data fails to meet high expectations
Updates
** Amgen's shares AMGN.O fall ~11% to $262 in premarket trading
** Co's experimental drug MariTide led to an average weight loss of up to 20%, a result that some analysts had said was the minimum bar for investors
** The drug's efficacy is in line with that of other approved drugs, but "are on the lower end of the expectations of 20-25%", Jefferies analyst Michael Yee said
** AMGN shares tumbled ~7% on Nov. 12 after analysts at Cantor Fitzgerald said their review of early-stage data for the drug showed a drop in bone mineral density, which can increase the risk of fractures
** AMGN shares have risen 2% YTD
Amgen stock performance https://reut.rs/3YJzq1z
Reporting by Manas Mishra and Mariam Sunny
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