Biotech has always been a volatile sector, and it is important for investors to recognize the phases its stocks go through. In particular, the journey through the post-bubble wilderness can be a protracted affair.

The drug maker announced the start of a Phase III program for its oral PCSK9 inhibitor MK-0616, including a 14,550-patient outcomes trial set to start later in the year.

The company plans to ramp up its commercial infrastructure later this year, ahead of a labeling update based on positive cardiovascular outcomes trial data.

Positive Phase II data indicate that obicetrapib, a cholesterol-lowering drug licensed from Amgen, could succeed where prior drugs in the class have consistently failed for more than a decade.