Amgen's Stock Drops After Trial Misses Secondary Endpoint

Amgen Inc.'s stock dropped 1.6% in premarket trade Tuesday, after a late-stage study of the biotechnology company's treatment for ovarian cancer failed to meet its secondary endpoint. The Phase 3 trial, which evaluated trebananib plus paclitaxel versus a placebo, "did not demonstrate a statistically significant improvement in overall survival," Amgen said in a statement. Amgen noted that the trial was the first of three Phase 3 trials, and that it will continue to explore the potential of trebananib in other cancer settings. Amgen's stock has rallied 42% so far this year through Monday, compared with a 31% rise in the iShares Nasdaq Biotechnology ETF and a 9.2% gain in the S&P 500.