Amgen drags Dow lower after weight-loss drug data disappoints Wall Street

Shares of biotech company Amgen slid Tuesday morning, trading around 12% lower. The drop was significant enough to drag the entire Dow Jones Industrial Average lower, because the index is price-weighted.

An hour after market open, the Dow was trading 0.6% lower. Meanwhile, the S&P 500 was up about 0.2% and the Nasdaq Composite was up 0.4%.

Amgen released data on its weight-loss treatment MariTide, which showed up to 20% average weight loss at 52 weeks. Wall Street analysts had hoped the drug would result in 20% to 25% average weight loss, making it more competitive with other treatments.