Amgen on Wednesday acknowledged there’s no link between its experimental weight loss drug, MariTide, and adjustments in bone density, a day after that capacity security remark wiped off bigger than $12 billion from its market price.

Shares of the firm fell bigger than 7% on Tuesday as analysts chewed over bone density loss recordsdata from an early-stage trial on the injection. One analyst acknowledged the additional recordsdata suggests a brand current capacity security possibility tied to the drug. But others acknowledged the part switch was once an overreaction, and that extra recordsdata on a bigger crew of patients is valuable.

In a assertion Wednesday, Amgen acknowledged “the Section 1 ogle results attain now not counsel any bone security remark or commerce our conviction in the promise of MariTide.” The drugmaker added that it appears ahead to sharing initial part two trial results on the cure later this year.

The firm’s inventory rose bigger than 1% on Wednesday.

The drug is a promising capacity competitor in the burden loss drug market. It’s miles designed to be taken monthly, in put of once a week adore existing injections from Novo Nordisk and Eli Lilly, and promotes weight loss in one more intention.

Analysts on Tuesday cited additional publicly on hand recordsdata from a part one ogle showing that the most engrossing dose of MariTide – 420 milligrams – was once linked to roughly 4% lack of bone mineral density over 12 weeks. A lower in bone mineral density refers to when bones lose calcium and other minerals, making them weaker and further probably to interrupt.

In a analysis deliver, Cantor Fitzgerald analyst Olivia Brayer called the tips a “mountainous unknown” and urged it’d be a capacity possibility associated with treatment adore MariTide, which work by the usage of so-called GIPR antagonism. Amgen’s injection works by blocking off a gut hormone receptor called GIP nonetheless additionally activates one other appetite-suppressing hormone called GLP-1.

That’s now not like Eli Lilly’s weight problems drug, Zepbound, which activates GIP and GLP-1. Wegovy activates GLP-1 nonetheless does now not target GIP, which can presumably well perchance also affect how the body breaks down sugar and fleshy.

“On one hand, patients might well presumably well perchance naturally lose bone mineral density accurate by weight loss cure,” Brayer wrote.

But Brayer acknowledged, “on the replace hand, this might well be a non-starter due to there appears to be a dose-dependent lengthen” in bone mineral density loss. That formula patients seem to lose extra bone mineral density the increased the dose they blueprint finish.

Meanwhile, Jefferies analyst Michael Yee wrote in a deliver that the additional MariTide recordsdata appears to be a “non-pain.” Yee acknowledged that people on the most engrossing dose of the drug had declines in bone density, nonetheless acknowledged “the tips is all around the put.”

As an illustration, he pointed to recordsdata on a lower dose of the drug showing that bone density actually increased by 1% earlier than normalizing. Yee added that bone mineral density “adjustments” are a identified facet execute of weight loss treatment in the first one to some months of converse due to of us lose well-known weight like a flash.

Amgen is additionally attentive to the “hypothetical remark” of bone mineral density loss, Yee acknowledged, citing the firm’s discussions with management.

“While clearly now not asserting there’s zero execute, we’re asserting we create now not mediate there is a remark, well-known [bone mineral density] plunge sustained over time, or clinical possibility or remark,” Jefferies acknowledged. “Total we create now not deem there’s an pain and the execute is normalized over time.”

BMO analyst Evan Seigerman wrote in a deliver Tuesday that “We would be cautious about making an overarching judgment on the safety profile of MariTide with this recordsdata.”

He added that “we would be extra joyful judging the safety profile from a bigger cohort of patients.” There might well presumably well perchance now not be a transparent resolution except Amgen releases fleshy part two trial recordsdata on the drug.

“Our interrogate on MariTide hasn’t modified with this and if anything we observe the selling as overdone,” Seigerman wrote.