Amgen (NASDAQ:AMGN) Shares Gap Down – Time to Sell?

Shares of 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 traded.

More Amgen News

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 subject of several research reports. Morgan Stanley reiterated an “overweight” rating and set a $362.00 price objective on shares of Amgen in a research note on Wednesday, August 19th. Wells Fargo & Company raised their target price on Amgen from $400.00 to $435.00 and gave the company an “equal weight” rating in a research report on Friday. Canaccord Genuity Group lifted their price target on Amgen from $366.00 to $384.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. The Goldman Sachs Group set a $389.00 price target on Amgen in a research report on Friday, June 5th. Finally, BMO Capital Markets lowered Amgen from an “outperform” rating to a “market perform” rating and set a $450.00 price objective on the stock. in a report on Tuesday. One equities research 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 assigned a Sell rating to the stock. According to MarketBeat.com, Amgen presently has a consensus rating of “Hold” and an average target price of $381.68.

Amgen Stock Performance

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

Amgen (NASDAQ:AMGN) last released its quarterly earnings results on Tuesday, August 4th. The medical research company reported $6.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.62 by $0.67. The business had revenue of $10.05 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $6.02 EPS. Amgen has set its FY 2026 guidance at 22.300-23.500 EPS. As a group, analysts predict that Amgen Inc. will post 22.97 EPS for the current fiscal year.

Amgen Dividend Announcement

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

Insider Activity at Amgen

In related news, SVP Rachna Khosla sold 2,000 shares of Amgen stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $412.57, for a total value of $825,140.00. Following the completion of the transaction, the senior vice president directly owned 6,404 shares in the company, valued at approximately $2,642,098.28. This trade represents a 23.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Nancy Grygiel sold 2,970 shares of the business’s 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 of the company’s stock, valued at $2,951,854.40. The trade was a 28.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 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 corporate insiders.

Institutional Trading of Amgen

Hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System raised its stake 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 acquiring an additional 297,430,677 shares during the period. Norges Bank bought a new position in shares of Amgen during the fourth quarter valued at approximately $2,164,162,000. Bank of America Corp DE bought a new position in shares of Amgen during the second quarter valued at approximately $1,831,903,000. Capital World Investors raised 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 worth $7,560,249,000 after purchasing an additional 4,302,237 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of Amgen by 1,102.7% in the 2nd quarter. Wellington Management Group LLP now owns 2,742,271 shares of the medical research company’s stock worth $993,031,000 after purchasing an additional 2,514,254 shares during the last quarter. 76.50% of the stock is currently owned by institutional investors and hedge funds.

About Amgen

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.