Stocks
Amgen Stock Crashes 10% Amidst Woes for Cholesterol-Targeting Therapies
Amgen's stock price plummeted by 10.1% on September 8, 2026, closing at USD 393.17 on the Nasdaq. This significant drop marks Amgen's steepest single-day decline in about 25 years, according to market commentary from The Wall Street Journal.
The sharp decline was partly attributed to the news of Novartis' Phase 3 setback for its pelacarsen injectable, a cholesterol-targeting drug. This raised concerns among investors about similar therapies, including Amgen's own work in the same area.
Broker activity also played a role in shaping discussions around Amgen's shares. BMO Capital Markets cut its rating on Amgen to market perform while maintaining a price target of USD 450, as noted by CNBC.