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 shed up to 20% of their body weight in a mid-stage trial, but the results failed to meet lofty investor expectations and shares of the biotech company tumbled about 12% on Tuesday.