Amgen stock falls on lackluster drug data

Shares of Amgen (AMGN) are sliding after the biotech company posted disappointing results from two drug studies.

Market Domination Hosts Julie Hyman and Josh Lipton break down the updates from Amgen's immunology and rare disease development pipeline and discuss how the drugmaker is stacking up to its competitors.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl

Video transcript

Amgen shares sliding after the biotech company post disappointing results from two drug studies.

So this was interesting under some pressure here, drug maker offers updates from its immunology and rare disease development pipeline investors obviously not thrilled and happy about that.

I I was reading it Julie, it sounded like actually sounds like positive top line results, but clearly the street thought looked at this not underwhelming.

Yeah.

And it's also all it's all relative when you're coming to these kinds of talking about these kinds of drugs because I was seeing some chatter here that one of the drugs which is a treatment for at topic, dermatitis that they were running a study on.

There's an existing product that's already on sale from Sanofi and Regeneron called DD.

And it was this Amgen therapy was seen as less effective than that one and that one's already on the market.

So when you're sort of comparing what's out there to what they're trying to develop here, that I think plays into the equation as well.

And to that point, some shares of companies that are working on um competing products have been rising in today's session.