Amgen addresses safety concerns for its weight loss drug MariTide after new data suggests a potential 4% reduction in bone density at the highest dose.

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 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 (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.