On Tuesday, Amgen Inc AMGN stock fell during the premarket session after the company released long-anticipated data from the Phase 2 study of MariTide (maridebart cafraglutide, formerly AMG 133) in obese patients.
The pharmaceutical company's MariTide treatment performed well in a phase 2 study.
Amgen's MariTide achieves up to 20% weight loss in mid-stage trial, but analysts were expecting up to 25%.
CNBC's Angelica Peebles joins 'Squawk Box' with the latest news.
Amgen said its experimental weight loss injection helped patients lose up to 20% of their weight on average after a year, with no plateau, in a critical mid-stage trial. But the results appear to be at the low end of Wall Street's expectations.
Amgen's experimental drug MariTide led to average weight loss of up to 20% in a year-long mid-stage trial of nearly 600 people who were overweight or obese, the company said on Tuesday.
Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
Investing in Pharma Stocks? Check These 3 Things First
Upcoming data from a mid-stage study of Amgen's experimental weight-loss drug MariTide will shed light on how well it might measure up against the popular GLP-1 drugs sold by Eli Lilly and Novo Nordisk.
Amgen's stock dropped nearly 15% last week due to safety concerns about its GLP-1 candidate MariTide. Amgen's management and analysts downplayed the bone mineral density concerns, emphasizing MariTide's potential and its ongoing Phase II study, which will be reported soon. Amgen's Q3 earnings call highlighted MariTide's promise, with plans for a broad Phase III program targeting obesity and type 2 diabetes.
Amgen (AMGN) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Its future is bright, but that doesn't mean it'll always be smooth sailing.