Amgen Stock Edges Lower After HSBC Downgrade and Pipeline Setbacks
Amgen Inc., a large-cap biotech, saw its stock price edge lower after two negative developments. The company's shares closed at $377.35 on Nasdaq on September 11, 2026, down from their recent high of $444.12.
The first development was a downgrade from HSBC analyst Morten Herholdt, who cut his price target to $425 from $445 and switched the stock's rating to Hold from Buy.
The second setback came from a late-stage trial of an Lp(a)-lowering cardiovascular drug developed by another company. Amgen has similar therapies in its pipeline, raising questions about their commercial potential.
Despite these challenges, 56% of analysts still rate the stock as Buy, while only 11.1% recommend selling it. The broader Wall Street stance remains moderately positive on the biotech group.