Amgen, Inc. (NASDAQ: AMGN) recently released conclusive proof that its pricey new cholesterol-lowering drug saves lives. As hoped, results of a long-awaited outcome study showed that people taking Repatha were far less likely to suffer heart attacks and strokes.
Instead of lifting the stock as you might expect, the market shaved about $8.5 billion from the biotech’s market cap on the day it released the news. If the negative reaction to the great news has you scratching your head, you’re not alone.