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Amgen is Still Strong Despite Trial Failure
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A late-stage trial of Amgen's drug Sensipar failed to meet the trial goal causing shares to fall, but only a little.
A late-stage trial of Amgen’s drug Sensipar failed to meet the trial goal causing shares to fall, but only a little.
In the Phase III EVOLVE trial, the drug — sold as Mimpara in Europe — was supposed to reduce the risk of death and cardiovascular problems in patients with chronic kidney disease (CKD) receiving dialysis. And while Amgen reported that patients taking Sensipar did experience a reduction, the results were not statistically significant.
"Amgen embarked on the EVOLVE trial to understand whether treating secondary [hyperparathyroidism] with Sensipar/Mimpara could positively impact the high rates of mortality and cardiovascular events among patients with CKD receiving dialysis," Sean E. Harper, MD, executive vice president of Research and Development at Amgen, said in a statement.
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On Wednesday and Thursday, Amgen’s stock had climbed quickly, up 2.88% from Wednesday’s opening to midday on Thursday; however, since then share price has slowly fallen.
On Friday, after the news of the trial’s failure, the stock opened down by only 0.39% from its Thursday closing price. And it closed down by only 0.33%.
Based on the company's revenue growth and solid stock performance, among other factors, TheStreet.com, still recommends the stock as a strong buy.
The information contained in this article should not be construed as investment advice or as a solicitation to buy or sell any stock.
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