Fragments of data on Amgen’s obesity drug Maritide wipe out $12 billion in market value

On Tuesday, a small piece of data on Amgen’s leading obesity candidate (which has not yet been verified) wiped out $12 billion in market value.

The data, discovered by Cantor Fitzgerald analysts, highlighted concerns about the drug’s potential side effects, called Maritide. After these were widely shared in a note to investors, the company’s stock price fell 7%, a reminder that the company’s stock is in a very precarious position ahead of a major treatment announcement.

Analyst Olivia Breyer discovered previously unreported data in a hidden tab in a file attached to the publication of Maritide’s initial trial results. Breyer said the hidden tab contained results that appeared to show that study participants, especially those in the group who took the highest doses of the drug, experienced a decrease in bone density. That’s what it means.