Amgen

AMGN · NASDAQ

$438.94+$14.00 (+3.29%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $424.94

AMGN analyst rating

HoldConsensus of 26 analysts over the last 12 months. 35% rate it a buy.

Strong buy0
Buy9
Hold14
Underperform3
Sell0

12-month price target · 34 analysts

Average $400.15 (−8.8% downside)

Low: $227.25
Now: $438.94
High: $525.00

Upgrades and downgrades

The latest rating actions, newest first

AMGN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Guggenheim	Oct 13, 2026	Maintains	Neutral	$388.00 → $378.00	66%
BMO Capital	Oct 12, 2026	Maintains	Market Perform	$450.00 → $415.00	54%
Wells Fargo	Oct 12, 2026	Maintains	Equal-Weight	$435.00 → $430.00	68%
UBS	Oct 9, 2026	Maintains	Buy	$430.00 → $470.00	53%
RBC Capital	Oct 8, 2026	Maintains	Outperform	$400.00 → $430.00	44%
Cantor Fitzgerald	Oct 8, 2026	Maintains	Neutral	$400.00 → $440.00	64%
Truist Securities	Oct 7, 2026	Maintains	Hold	$362.00 → $380.00	47%
Morgan Stanley	Oct 7, 2026	Maintains	Equal-Weight	$362.00 → $359.00	63%
Scotiabank	Sep 29, 2026	Maintains	Sector Outperform	$450.00 → $500.00	48%
HSBC	Sep 10, 2026	Downgrade	Buy → Hold	$445.00 → $425.00	54%

The case for and against

Updated Oct 14, 2026

Bull case

Amgen is viewed favorably because its commercial portfolio is delivering broad-based momentum, with six key growth drivers up 26% y/y in 2Q26 and generating nearly 70% of product sales, while Repatha continues to post strong TRx and NRx growth through July 2026. The company also appears well positioned to offset loss-of-exclusivity pressure, as high-visibility growth from workhorses like Repatha and Tezspire is being complemented by newer assets such as Uplizna and Imdelltra, plus a growing biosimilar footprint. Added upside comes from pipeline and development optionality, including dazodalibep’s Phase III completion expected later in 2H26, alongside full-year non-GAAP high-single-digit y/y R&D growth that supports continued innovation.

Bear case

Amgen is exposed to meaningful fundamental risk because its clinical trials may take so long that standards of care evolve before completion, reducing their relevance and creating a real chance of unfavorable data or failed regulatory approvals for new candidates and indications. The company also faces pipeline-specific uncertainty in Lp(a), where the market had already assigned a 65%+ probability of success, so any setback can quickly compress sentiment while rival approaches from LLY and MRK add competitive pressure. In addition, downside risks from disappointing MariTide data, biosimilar erosion of Prolia and Xgeva, and potential negative IRS or tariff outcomes weaken the company’s earnings durability and support a negative outlook.

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