Amgen said on Wednesday there was no link between its experimental weight-loss drug and changes in bone density, a day after those concerns wiped off more than $12 billion from the company's market value.

A new weight loss drug target may help reduce appetite and burn calories without causing sickness, research suggests. The discovery could lead to a new treatment for millions of people with both obesity and type 2 diabetes who do not respond well to current treatments, according to experts.

Weight loss and diabetes drugs Ozempic, Wegovy, Mounjaro and Zepbound are seen as game-changers for obesity and weight management but for many people, there are still questions around side effects, accessibility and results.

Amgen said on Wednesday there was no link between its experimental weight-loss drug and changes in bone mineral density, a day after data from an early-stage study dragged its stock 7% lower.

Analysts cited data from a phase one study showing the highest dose of Amgen’s MariTide was linked to roughly 4% loss of bone mineral density over 12 weeks.

Amgen (NASDAQ:AMGN) shares spiked in the premarket on Wednesday after the company ruled out concerns over loss of bone mineral density linked to its obesity candidate MariTide, which led to a ~7% decline in its share price in the previous session.