Why is Amgen stock sliding today?
Amgen stock fell 4.7% in pre-market trading after Novartis' Phase III trial failure for pelacarsen, a drug in the same class as Amgen's olpasiran. BMO Capital downgraded Amgen from Outperform to Market Perform, citing valuation and upcoming patent expirations. The stock traded at $416.88, down from its 52-week high of $447.03.