On Tuesday, Amgen (AMGN, Financial) experienced a significant drop in its stock price, falling over 10% to $262.37. This decline followed the company's announcement regarding its experimental obesity treatment, MariTide. The drug demonstrated the ability to help obese patients lose up to 20% of their body weight after a year of use.
However, these results did not meet market expectations. Wall Street analysts had anticipated that the phase two trial of MariTide would result in at least a 20% weight reduction, with some hoping for as much as 25%. The discrepancy between expectations and actual results led to investor dissatisfaction and the subsequent drop in Amgen's stock price.
