Amgen Stock Slumps on HSBC Downgrade Amid Biotech Sector Uncertainty
Amgen stock fell 2.2% to $382.67 in afternoon trading due to a downgrade from HSBC, which slashed its price target to $425.
The move follows BMO Capital Markets' cut of Amgen to Market Perform on Tuesday, citing a less favorable risk-reward balance after Novartis's Lp(a)-lowering drug pelacarsen failed in a pivotal Phase III study.
Barclays analyst Emily Field described the outcome as 'the worst possible outcome for Amgen.'
The broader market was also down, with the S&P 500 declining 0.6%, the Dow Jones falling 0.7%, and the Nasdaq dropping 0.6% ahead of key inflation data.
Despite this, Amgen's CFO and CMO presented positively at the 2026 Wells Fargo Healthcare Conference today, and a recent Phase III DeLLphi-305 trial showed positive survival data for Imdelltra in small-cell lung cancer.