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Amgen Stock Drops After HSBC Downgrade Amid Strong Q2 Results

Guavy AI Editorial Team
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AMGN
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Amgen stock dropped 1.34% on September 11 to $377.35, bringing its price to around 15% below its 52-week high.

The decline comes after HSBC downgraded Amgen from Buy to Hold and trimmed its price target to $425 from $445, citing that the stock has re-rated on strong execution and now trades close to fair value.

Despite the downgrade, Amgen's Q2 2026 results showed revenue of $10.05 billion, up 9.5% year-over-year and beating analyst expectations of $9.43 billion.

The company's cholesterol-lowering medicine Repatha generated $953 million in revenue during Q2 2026, a 37% increase from the prior-year quarter, driven by volume growth of about 35%.

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