Amgen (AMGN.US) denies any bone safety issues related to the weight loss drug MariTide.

Amgen (AMGN.US) clarified on Wednesday that there is no connection between its experimental weight-loss drug and changes in bone density. A day earlier, this concern caused the company's market value to plummet by over $12 billion. According to reports, analysts at Cantor Fitzgerald evaluated early data on Amgen's MariTide and found that the drug led to a decrease in bone density. As a result, the pharmaceutical company's stock price fell by around 7% on Tuesday. Amgen responded by saying, "The Phase 1 study results did not show any bone safety issues and have not altered our belief in MariTide." They also added that the company is looking forward to the data from the mid-term study later this year. After Amgen released the statement, its stock price rose over 2% in pre-market trading on Wednesday. Cantor analysts stated that they noticed changes in bone density when reviewing supplemental data published with the results from February. However, at least four analysts have stated that these concerns are exaggerated, especially considering that the company is conducting a mid-term study and planning to invest in a larger late-stage trial. Piper Sandler analyst Christopher Raymond stated in a report that while new safety signals should raise caution with any drug, Amgen has much more insight into MariTide than Wall Street. It is understood that MariTide can activate the GLP-1 hormone associated with satiety, similar to best-selling weight-loss drugs like Novo Nordisk A/S Sponsored ADR Class B (NVO.US) Wegovy and Eli Lilly's (LLY.US) Zepbound. However, the difference with MariTide is that it blocks the activity of another intestinal hormone called GIP, which is related to fat storage and metabolism regulation. Amgen hopes that this different approach will lead to faster weight loss and reduce the frequency of dosing compared to Wegovy and Zepbound.