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.

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.

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 (AMGN) stock spiked after the company ruled out out bone density concerns linked to obesity drug MariTide, following a recent share price decline. Read more here.