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.

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.

CEO Bob Bradway said Amgen is "well advanced" in preparing to launch a Phase 3 testing round of MariTide in order to have enough data to allow the drug to receive approval from regulators. Amgen has also begun to examine a different weight-loss drug candidate, although few details have been disclosed, Reuters reported.

Amgen said on Wednesday there was no link between its experimental weight-loss drug and changes in bone mineral density, a day after data from an early-stage study dragged its stock 7% lower.

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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.