Rep. Taylor Sells Amgen Stock Amid Concerns Over Novartis Study Failure
Representative David Taylor, a Republican from Ohio, recently made several trades in his investment portfolio. According to a filing disclosed on September 5th, he sold between $1,001 and $15,000 worth of Amgen Inc. (NASDAQ:AMGN) stock on August 26th. This sale occurred in his 'DAVID TAYLOR TRUST > SCHWAB JOINT BROKERAGE #1 (HOME GROWN)' account.
The same day, Representative Taylor also sold shares of Vertex Pharmaceuticals (NASDAQ:VRTX), Microsoft (NASDAQ:MSFT), and purchased shares of Fifth Third Bancorp (NASDAQ:FITB), Broadcom (NASDAQ:AVGO), American Electric Power (NASDAQ:AEP), Installed Building Products (NYSE:IBP) among others.
Amgen Inc. has a 52-week low of $269.77 and a 52-week high of $447.03, with its current market cap at $236.38 billion. The company's quarterly earnings data was reported on August 4th, with the medical research firm beating analysts' estimates.
The concern for Amgen shares is currently centered around the failure of Novartis' pelacarsen study to reduce cardiovascular events and its potential impact on Amgen's olpasiran outcome trial. The company has set its FY 2026 guidance at 22.300-23.500 EPS, with analysts expecting $22.97 EPS for the current fiscal year.