What's Going On With Amgen Stock Tuesday? - Amgen (NASDAQ:AMGN)

Amgen Inc. (NASDAQ:AMGN) stock is trading lower Tuesday as investors assess the potential read-through from disappointing Phase 3 data for Novartis AG's (NYSE:NVS) experimental lipoprotein(a) [Lp(a)]-lowering drug pelacarsen. Novartis released data Friday from the Phase 3 Lp(a)HORIZON cardiovascular outcomes trial. The study failed to meet its primary endpoint of reducing major cardiovascular events compared with placebo. The result could have implications for other Lp(a)-lowering programs. While pelacarsen successfully targets Lp(a), its Phase 3 failure raises questions about whether lowering the biomarker ultimately reduces cardiovascular events. Amgen is developing olpasiran, an experimental small interfering RNA, or siRNA, designed to lower Lp(a). The drug is in Phase 3 development for patients with atherosclerotic cardiovascular disease. However, the two drugs use different mechanisms. Pelacarsen is an antisense oligonucleotide, while olpasiran uses siRNA technology. Amgen Technical Analysis Tuesday's selloff pushed Amgen below several closely watched technical levels. The stock traded 8.7% below its 20-day simple moving average of $430.22. It was also 1.2% below its 50-day SMA of $397.75. Trending However, Amgen remained 6.5% above its 100-day SMA of $368.99 and 9.5% above its 200-day SMA of $358.69. That suggests the longer-term uptrend remains intact despite the sharp pullback. Momentum has weakened. The MACD is below its signal line, while the histogram is negative. Both indicators suggest buying momentum has faded. Amgen also remains in a longer-term bullish setup following a golden cross in November 2025. Near-term resistance sits around $398, close to the 50-day SMA. The 200-day SMA near $359 could provide a key support area if selling continues. Analyst Outlook Amgen carries a Hold consensus rating with an average price forecast of $398.52. BMO Capital downgraded Amgen to Market Perform on Tuesday and maintained a $450 price forecast. Cantor Fitzgerald maintained its Neutral rating and $400 forecast. Wells Fargo maintained an Equal-Weight rating on Sept. 4 and raised its forecast to $435. Amgen ETF Exposure Amgen is a major holding in several exchange-traded funds. The iShares Biotechnology ETF (NASDAQ:IBB) has an 8.46% weighting in the stock. The Invesco Pharmaceuticals ETF (NYSE:PJP) has a 5.34% weighting, while the Amplify CWP Enhanced Dividend Income ETF (NYSE:DIVO) has a 4.94% weighting. As a result, significant flows into or out of these ETFs can add to trading activity in Amgen shares. AMGN Price Action Amgen shares were down 9.51% at $395.65 at the time of publication Tuesday, according to Benzinga Pro data. Photo via Shutterstock