Amgen (NASDAQ:AMGN) Shares Gap Down – Here’s Why

Amgen Inc. (NASDAQ:AMGN) gapped down before the market opened on Tuesday . The stock had previously closed at $437.23, but opened at $408.90. Amgen shares last traded at $401.8520, with a volume of 811,949 shares changing hands.

Key Stories Impacting Amgen

Here are the key news stories impacting Amgen this week:

• Positive Sentiment: Amgen reported that its Phase 3 DeLLphi-305 trial met its primary endpoint, showing a statistically significant and clinically meaningful overall-survival benefit for IMDELLTRA (tarlatamab) combined with AstraZeneca’s Imfinzi versus Imfinzi alone in first-line extensive-stage small-cell lung cancer. The study also met progression-free-survival and objective-response-rate endpoints, strengthening the commercial outlook for IMDELLTRA and Amgen’s oncology pipeline. Amgen DeLLphi-305 study results
• Neutral Sentiment: Cantor Fitzgerald reaffirmed its neutral rating and assigned a $400 price target, indicating limited near-term upside from the referenced price level. BMO Capital Markets also downgraded Amgen to Market Perform from Outperform, citing a more balanced risk-reward profile and limited immediate upside. BMO Amgen downgrade
• Negative Sentiment: Novartis’ Phase 3 pelacarsen trial failed to reduce cardiovascular events despite lowering Lp(a), raising doubts about whether lowering the biomarker is sufficient to prevent heart attacks and strokes. The result increased perceived risk for Amgen’s experimental Lp(a) drug olpasiran, including its large Phase 3 cardiovascular-outcomes program, and triggered concerns about a potentially important future growth opportunity. Novartis pelacarsen trial setback
• Negative Sentiment: Amgen is also being affected by broad risk-off trading as crude oil approaches $100 amid Iran-related tensions, while investors await U.S. inflation data. The market backdrop is adding pressure to large-cap healthcare stocks and amplifying the reaction to the Lp(a) pipeline concerns. Market selloff and rising oil prices

Analysts Set New Price Targets

AMGN has been the topic of several analyst reports. Truist Financial lifted their price target on shares of Amgen from $340.00 to $362.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $400.00 target price on shares of Amgen in a report on Tuesday. Canaccord Genuity Group lifted their target price on Amgen from $366.00 to $384.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Robert W. Baird upped their price target on Amgen from $215.00 to $230.00 and gave the stock an “underperform” rating in a research report on Wednesday, August 5th. Finally, Barclays raised their price objective on Amgen from $360.00 to $380.00 and gave the stock an “equal weight” rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Amgen has a consensus rating of “Hold” and an average price target of $381.68.

Amgen Trading Down 9.4%

The company has a current ratio of 1.37, a quick ratio of 1.13 and a debt-to-equity ratio of 4.44. The firm has a market cap of $214.21 billion, a P/E ratio of 24.60, a P/E/G ratio of 3.15 and a beta of 0.43. The stock has a 50 day simple moving average of $398.92 and a 200-day simple moving average of $367.59.

Amgen (NASDAQ:AMGN) last issued its quarterly earnings data on Tuesday, August 4th. The medical research company reported $6.29 EPS for the quarter, topping analysts’ consensus estimates of $5.62 by $0.67. The business had revenue of $10.05 billion during the quarter, compared to analysts’ expectations of $9.43 billion. Amgen had a net margin of 22.95% and a return on equity of 124.14%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company posted $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. On average, equities research analysts expect that Amgen Inc. will post 22.97 EPS for the current fiscal year.

Amgen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 21st will be issued a $2.52 dividend. The ex-dividend date is Friday, August 21st. This represents a $10.08 annualized dividend and a dividend yield of 2.5%. Amgen’s payout ratio is currently 62.65%.

Insider Buying and Selling

In other news, SVP Nancy Grygiel sold 2,970 shares of Amgen stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $402.16, for a total value of $1,194,415.20. Following the transaction, the senior vice president directly owned 7,340 shares in the company, valued at approximately $2,951,854.40. This trade represents a 28.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Rachna Khosla sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $412.57, for a total transaction of $825,140.00. Following the completion of the sale, the senior vice president owned 6,404 shares in the company, valued at $2,642,098.28. This represents a 23.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 6,222 shares of company stock valued at $2,540,926 in the last three months. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Amgen

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in Amgen by 36,047.1% during the second quarter. California State Teachers Retirement System now owns 298,255,793 shares of the medical research company’s stock worth $108,004,388,000 after purchasing an additional 297,430,677 shares in the last quarter. BlackRock Inc. raised its stake in shares of Amgen by 4.8% during the 2nd quarter. BlackRock Inc. now owns 49,362,016 shares of the medical research company’s stock worth $17,874,974,000 after buying an additional 2,261,544 shares during the period. State Street Corp raised its stake in shares of Amgen by 4.4% during the 4th quarter. State Street Corp now owns 30,591,403 shares of the medical research company’s stock worth $10,012,872,000 after buying an additional 1,287,310 shares during the period. Capital World Investors lifted its position in shares of Amgen by 22.9% during the 4th quarter. Capital World Investors now owns 23,097,711 shares of the medical research company’s stock valued at $7,560,249,000 after buying an additional 4,302,237 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Amgen by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 14,303,294 shares of the medical research company’s stock valued at $4,665,822,000 after acquiring an additional 1,035,779 shares during the period. Institutional investors and hedge funds own 76.50% of the company’s stock.

Amgen Company Profile

Amgen Inc (NASDAQ: AMGN) is a global biotechnology company founded in 1980 and headquartered in Thousand Oaks, California. The company focuses on discovering, developing, manufacturing and delivering human therapeutics that address serious illnesses. Amgen’s work centers on biologic medicines derived from cellular and molecular biology, with an emphasis on translating advances in human genetics and protein science into therapies for patients.

Amgen’s commercial portfolio has historically included biologics used in oncology, supportive care, nephrology, bone health and cardiovascular disease.