Biopharma stocks are dominating unusual options volume after Novartis AG's Phase 3 HORIZON trial failure for its cardiovascular drug pelacarsen, which did not reduce major cardiovascular events. Novartis shares plunged 13.4% to $138.63, heading for their worst day on record, with options volume at four times the usual intraday amount and puts outpacing calls. The failure also hit Amgen Inc, down 9.4% at $396.33, as its own Lp(a)-lowering drug olpasiran faces similar risks; Amgen received a downgrade from BMO and saw options volume at 2.3 times the norm. NewAmsterdam Pharma Company NV fell 1.6% to $25.00, near 52-week lows, but analysts at Stifel and H.C. Wainwright reiterated buy ratings, noting nuanced implications for its PREVAIL trial; its options volume spiked to 38 times the usual amount.
Novartis AGNovartis's Phase 3 HORIZON trial failure for pelacarsen, which did not reduce major cardiovascular events, sent shares down 13.4%.
Amgen IncAmgen fell 9.4% and got a BMO downgrade as its own Lp(a)-lowering drug olpasiran faces similar risks after Novartis's pelacarsen Phase 3 failure.
