The pharmaceutical manufacturer Amgen announced on Tuesday that an experimental obesity drug helped patients lose up to 20 percent of their weight in a year. The drug, MariTide, is given by injection once a month,

Shares in Amgen fell by double digits Tuesday on results for the company’s MariTide shot, which is viewed as a potential rival to Wegovy and Zepbound.

Amgen's experimental drug MariTide helped overweight or obese patients lose up to 20% weight on average in a year-long mid-stage trial, data that missed lofty investor expectations and sent the shares down 8% before the bell on Tuesday.