Amgen (AMGN) Falls 5.8% as Novo Nordisk Hammers Its Weight Loss Drug Trial

Amgen Inc. (NASDAQ:AMGN) is one of the These 10 Stocks Took A Shocking Fall.

Amgen Inc. extended its losing streak to a fourth straight day on Monday, dropping 5.84 percent to close at $272.44 apiece as investors sold off positions despite positive results from its weight loss drug trial, after Novo Nordisk—maker of the blockbuster Wegovy and Ozempic—progressed in its second obesity drug trial.

In a statement on Monday, Amgen Inc. (NASDAQ:AMGN) announced that its phase 2 study of its weight loss drug candidate, MariTide, demonstrated up to 20 percent average weight loss in people living with obesity without Type 2 Diabetes (T2D), and up to 17 percent for people living with obesity with T2D.

However, investors seemed unimpressed, following Novo Nordisk’s announcement over the weekend that its new obesity drug candidate, Amycretin, has progressed to a phase 3 trial after demonstrating 24.3 percent weight loss, higher than Amgen Inc.’s (NASDAQ:AMGN).

Additionally, investor sentiment was dampened by an announcement that Amgen Inc.’s (NASDAQ:AMGN) MariTide dosing should be less frequent to improve adherence and long-term weight control.

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Disclosure: None. This article is originally published at Insider Monkey.