Amgen Stock Slumps After HSBC Downgrade to Hold
Amgen stock (ISIN US0311621009) closed at USD 382.47 on Nasdaq on September 10, 2026, down about 2.2 percent for the session due to a fresh downgrade and price target cut from HSBC.
The bank downgraded Amgen from Buy to Hold and lowered its price target to USD 425 from USD 445, citing that the shares now trade close to fair value after strong execution and estimate revisions left limited near-term upside.
This comes against a backdrop of a broad analyst consensus on Amgen that already skewed toward Hold: in a recommendation period ending September 1, 2026, the stock had accumulated 6 strong buy, 14 buy, 20 hold, 2 sell and 1 strong sell ratings, with an average price target of USD 397.71 modestly above the prevailing market price.
Amgen shares were trading well below their 52-week high of USD 447.03, reflecting the impact of recent sector and company specific headwinds, including lingering uncertainty after a clinical trial failure in the Lp(a) cholesterol drug class by a competitor and a regulatory setback from a United Kingdom suspension of Amgen's autoimmune drug Tavneos.