Amgen's $12 Billion Gamble: What's Behind the Selloff?
Amgen's shares plummeted by about 5% on September 4, wiping out a staggering $12 billion in market value, after Novartis released disappointing Phase 3 trial results for pelacarsen, an Lp(a) lowering therapy.
Although Amgen doesn't own the drug, this selloff is more than just collateral damage; it's a calculated gamble gone wrong.