🔴 Amgen is trading 6.7% down today after Novartis's pelacarsen trial failed to reduce cardiovascular events

Amgen is trading 6.73% down now at $407.81 after Novartis's Phase 3 pelacarsen trial failed to reduce cardiovascular events, raising concerns about Amgen's similar late-stage olpasiran program.

• BMO Capital downgraded Amgen to Market Perform from Outperform, citing limited near-term upside and loss-of-exclusivity risks.
• The move reflects a sector-specific biotechnology selloff, with broader market weakness adding pressure.