Amgen shares fell 9.51% to $395.65 on Tuesday as investors assessed the implications of disappointing Phase 3 results for Novartis' experimental Lp(a)-lowering drug pelacarsen. The Lp(a)HORIZON cardiovascular outcomes trial failed to meet its primary endpoint of reducing major cardiovascular events compared with placebo, raising questions about whether lowering the biomarker translates into fewer events. Amgen is developing olpasiran, an experimental small interfering RNA, or siRNA, for patients with atherosclerotic cardiovascular disease, although it uses a different mechanism from pelacarsen, an antisense oligonucleotide. Amgen's longer-term uptrend remains intact despite the selloff, but momentum indicators have weakened. The company has a Hold consensus rating and an average price forecast of $398.52, while analysts at BMO Capital, Cantor Fitzgerald and Wells Fargo maintained or updated their respective ratings and forecasts. Amgen is also a major holding in several ETFs, meaning fund flows can affect trading activity in its shares.