Shares of Amgen (AMGN - Get Report) could face negative pressure Wednesday after the company released data from its phase 1 study on an investigational bispecific T cell engager molecules, updated with investigational AMG 420 results for the treatment of refractory multiple myeloma.

The company said that 19 of the 42 patients in the study showed serious adverse events to the treatment, with 16 of those patients requiring hospitalization.

"Our BiTE immuno-oncology platform offers unique versatility, with the potential to treat various tumors through targeting tumor-associated antigens," said Dr. David M. Reese, executive vice president of research and development at Amgen. "As a leader in the development of targeted immuno-oncology therapies, we continue to investigate and advance more than a dozen BiTE molecules across a broad range of hematologic malignancies and solid tumors."

Amgen shares are falling 0.37% to $174.08. 

Amgen is a holding in Jim Cramer's Action Alerts PLUS charitable trust