Amgen Inc. (NASDAQ:AMGN) cratered 9.8% to $394.56 Tuesday, on track for its worst single-day loss since October 2000.
The damage came from a rival.
Novartis AG (NYSE:NVS) said pelacarsen, its investigational lipoprotein(a) therapy, failed to cut cardiovascular death, heart attacks or strokes versus placebo in a pivotal Phase 3 trial — despite lowering Lp(a) as designed.
ADR shares of Novartis plummeted 14%, on their worst session ever.
Investors immediately marked down Amgen’s olpasiran, which targets the same lipid but uses a different mechanism.
BMO Capital piled on, cutting Amgen to Market Perform. The sell-off spread across biotech, with the iShares Biotechnology ETF (NASDAQ:IBB) down 1.8%.
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