Shares of Amgen (NASDAQ:AMGN) rebounded Wednesday as analysts chewed over bone density loss data from an early-stage trial on its experimental weight loss injection, MariTide.
One analyst said the additional data suggests a new potential safety risk tied to the drug. But others said the share move was an overreaction, and that more data on a larger group of patients is needed.
Amgen did not immediately respond to a request for comment on the data
The drug is a promising potential competitor in the weight loss drug market. It is designed to be taken monthly, rather than once a week like existing injections from Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY) , and promotes weight loss differently.
Wall Street is waiting for crucial phase two trial results on MariTide, which are set to be released before the end of the year.
Analysts on Tuesday cited additional publicly available data from a phase one study showing that the highest dose of MariTide – 420 milligrams – was linked to roughly 4% loss of bone mineral density over 12 weeks. A decrease in bone mineral density refers to when bones lose calcium and other minerals, making them weaker and more likely to break.
AMGN shares bounced $5.20, or 1.7%, to $304.04.
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