According to the Zhitong Finance APP, Amgen (AMGN.US) clarified on Wednesday that there is no association between its experimental weight loss drug and changes in bone density. A day earlier, this concern caused the company's market cap to evaporate by more than $12 billion.

It is reported that analysts from Cantor Fitzgerald stated in a report that they evaluated the early data of Amgen's MariTide and found that the drug caused a decrease in bone density. As a first impact, the pharmaceutical company's stock price fell about 7% on Tuesday.

Amgen responded by saying: "The Phase I study results did not indicate any skeletal safety issues, nor did they change our belief in the commitment to MariTide." It added that the company looks forward to mid-study data later this year.

After Amgen issued a statement, its stock price rose more than 2% in pre-market trading on Wednesday.

Cantor analysts indicated that they found changes in bone density when reviewing supplemental data published alongside results from February.

However, at least four analysts stated that these concerns are exaggerated, especially considering that the company is conducting a mid-study and plans to invest in a larger-scale late-stage trial.

Piper Sandler analyst Christopher Raymond stated in a report that new safety signals will certainly raise caution for any drug, but amgen knows much more about MariTide than Wall Street does.

It is understood that MariTide can activate GLP-1 hormones related to satiety, similar to best-selling weight loss drugs such as novo-nordisk a/s's Wegovy and eli lilly and co's Zepbound.

However, what sets MariTide apart is that it blocks the activity of another gut hormone called GIP, which is related to fat storage and metabolic regulation.

Amgen hopes that compared to Wegovy and Zepbound, this different therapy can lead to faster weight loss and reduce the frequency of administration.