Amgen faced a setback as its stock plummeted nearly 6% despite announcing positive results from a Phase 3 clinical trial of its cholesterol drug Repatha, which reduced the risk of heart attacks by 36%. The decline followed a period of growth, where shares had risen roughly 20% from late September lows, fueled by strong quarterly earnings. Jim Cramer expressed disappointment with Amgen's market performance and highlighted ongoing insider selling, raising concerns about the company's outlook.
“Jim Cramer breaks down why he's keeping an eye on shares of Amgen.”
“Jim Cramer breaks down why he's keeping an eye on shares of Amgen ... AMGN.”
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“Then this past weekend, the company announced some very promising heart attack prevention results from a phase 3 clinical trial of Repatha, that’s the cholesterol drug.”
“This stock’s up roughly 20% from its late September lows, including a monster run last week when Amgen reported spectacularly better than expected quarter.”
“When Amgen published this data on Monday afternoon, the stock dropped an incredible 15 points in just a few minutes, finishing the day down almost 6%.”
“Cramer mentioned the company during the June 25 episode and said: “Unlike Mounjaro or Ozempic, which needed to be injected once a week, Amgen’s MariTide is one shot per month. I prefer monthly over weekly when it comes to injections any day...”
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“Cramer also mentioned Repatha again: “I’ve got Amgen, they’ve got a, they have something that is going to be used for weight but the really big thing is Repatha, which is their drug for cholesterol. It’s very important.””
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