Here's Why Amgen Shares Are Diving

Amgen, Inc. AMGN shares are trading lower by 4.11% to $237.51 during Monday's pre-market session following FDA approval of Bristol Myers Squibb Co's BMY plaque psoriasis drug Sotyktu, which showed superior efficacy fo Amgen's Otezla.

What Happened?

The FDA approved Bristol Myers Squibb's Sotyktu (deucravacitinib), an allosteric tyrosine kinase 2 (TYK2) inhibitor, for moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Sotyktu is not recommended for use in combination with other potent immunosuppressants. The approval is based on the Phase 3 POETYK PSO-1 and POETYK PSO-2 clinical trials...Read More

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According to data from Benzinga Pro, Amgen has a 52-week high of $258.45 and a 52-week low of $198.64.