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.

Amgen’s stock fell 7% after an analyst posted a note on MariTide’s influence on bone density which was noticed in a data spreadsheet.

After a research note raised potential safety concerns with Amgen's lead obesity candidate, the company defended its drug and has asked the journal to issue a correction and add in the finalized data.

Key Takeaways Amgen refutes in a press release that its trial obesity drug, MariTide, may cause bone loss density. Amgen's stock has risen 4.6% this year against a decrease of 3.8% for the pharmaceuticals industry.