The pharmaceutical manufacturer Amgen announced on Tuesday that an experimental obesity drug helped patients lose up to 20 percent of their weight in a year. The drug, MariTide, is given by injection once a month,

Shares in Amgen fell by double digits Tuesday on results for the company’s MariTide shot, which is viewed as a potential rival to Wegovy and Zepbound.

Amgen released promising results from its Phase 2 trial, but the data led to a significant decline in its stock price as Wall Street evaluated the findings.

Amgen (NASDAQ:AMGN) today announced positive data at 52 weeks in a double-blind, dose-ranging Phase 2 study with MariTide (maridebart cafraglutide, formerly AMG 133), an investigational antibody peptide conjugate subcutaneously administered monthly or less frequently.

A new weight loss drug called MariTide caused 20 percent weight loss in a recent trial, even better than Wegovy or Ozempic.

Amgen's experimental drug MariTide helped overweight or obese patients shed up to 20% of their body weight in a mid-stage trial, but the results failed to meet lofty investor expectations and shares of the biotech company tumbled about 12% on Tuesday.

Shares of Amgen (NASDAQ: AMGN) recently ticked lower despite a very positive-sounding press release regarding its weight management candidate. According to the giant drugmaker, treatment with an anti-obesity candidate called MariTide helped patients reduce their weight by up to 20% after 52 weeks.