Amgen's stock is trading lower due to concerns stemming from Novartis's failed Phase 3 trial for its Lp(a)-lowering drug, pelacarsen. While Amgen's similar drug, olpasiran, uses a different mechanism, the Novartis failure raises questions about the efficacy of Lp(a) lowering in reducing cardiovascular events, potentially impacting Amgen's ongoing Phase 3 development.
Novartis's pelacarsen, an Lp(a)-lowering drug, failed its Phase 3 trial to reduce major cardiovascular events. This is significant because Amgen is developing olpasiran, another Lp(a)-lowering drug, currently in Phase 3. While Amgen's drug uses a different mechanism (siRNA vs. antisense oligonucleotide), the Novartis failure casts a shadow over the entire Lp(a)-lowering therapeutic area, raising doubts about whether reducing this biomarker ultimately translates to clinical benefit. This creates short-term negative pressure on AMGN stock due to investor uncertainty, despite the mechanistic differences. The key risk for traders is the potential for a broader re-evaluation of Lp(a) as a therapeutic target, which could impact Amgen's long-term pipeline value if olpasiran's trial outcomes are also questioned.