Amgen's Decline May Be Linked To Comments Of Express Script's CEO

Shares of Amgen, Inc. AMGN began moving lower Tuesday afternoon.

The price action may be due to comments made by George Paz, CEO of Express Scripts Holding Company ESRX, at the JP Morgan Healthcare conference that cholesterol drugs may be its next focus for negotiating discounts.

Express Scripts recently chose AbbVie Inc ABBV as its exclusive supplier for treatment of hepatitis C, which some analysts expected could lead to a price war.

Amgen gave up gains from earlier in the day and recently traded at $156.46, up 0.88 percent.