Amgen (AMGN) Sets New 52-Week Low on 'denosumab' Results

After the close Friday, Amgen, Inc. (Nasdaq: AMGN) management announced new data about its injectible osteoporosis drug, "denosumab". According to the results, which were presented at the 30th Annual San Antonio Breast Cancer Symposium, denosumab returned positive numbers from a Phase III trial: patients taking denosumab regularly (twice annually) for a year saw a 5.5% increase in bone density over the year, while patients taking the drug for two years saw a 7.6% increase in bone density.

Despite the seemingly positive results, investors are concerned that Amgen's denosumab will not be able to compete with Merck's (NYSE: MRK) similar osteoporosis drug, Fosamax, which is expected to be done with clinical trials by the second half of 2008. Furthermore, analysts are suggesting that the results are actually only in-line with other drugs already in the market.

Shares of Amgen have sunk to a new 52-week low on today's news, down about 3% to $46.84. Amgen stock hasn't seen a price around this level since 2002.

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