Amgen Addresses Weight-loss Drug Concerns

(Reuters) – Amgen stated on Wednesday that there is no connection between its experimental weight-loss drug, MariTide, and changes in bone density. This clarification follows a substantial market dip of over $12 billion in the company's value due to concerns raised the previous day.

The company's stock fell by 7% on Tuesday after analysts at Cantor Fitzgerald indicated that their review of early-stage data showed MariTide might have caused a decrease in bone mineral density.

Amgen responded, stating, "The Phase 1 study results do not suggest any bone safety concern or change our conviction in the promise of MariTide." They expressed optimism for data from their upcoming mid-stage study later this year.

Post-statement, Amgen's shares rose by 2% during premarket trading.

Cantor analysts pointed out that they detected changes in bone mineral density while examining supplemental data released alongside earlier results from February. Several analysts, however, regarded these concerns as exaggerated, particularly given that Amgen was pursuing both mid-stage and planned larger late-stage trials.

"While a new safety signal would certainly be a cause for alarm on any drug, the truth is, Amgen knows a lot more about this molecule than the Street," said Piper Sandler analyst Christopher Raymond in a note.