Amgen stock falls after HSBC downgrade and strong Q2 figures
Published on 09/13/2026 at 14:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Amgen stock (ISIN US0311621009) closed at USD 377.35 on Nasdaq on September 11, 2026, down 1.34 percent from the prior day and leaving the shares about 15 percent below their 52-week high after a fresh HSBC downgrade to Hold.
HSBC cuts rating and trims price target
According to Investing.com on September 11, 2026, HSBC downgraded Amgen from Buy to Hold and cut its price target to USD 425 from USD 445, arguing that the stock has re-rated on strong execution and now trades close to fair value.
A separate overview on Amgen from MarketBeat shows a consensus price target of USD 381.68 as of September 11, 2026, only around USD 4 above the latest close of USD 377.35, which signals limited upside in the near term based on analyst expectations.
Q2 2026 results beat expectations
As summarized by MarketBeat, Amgen reported revenue of USD 10.05 billion in the second quarter of 2026, up 9.5 percent year over year from roughly USD 9.19 billion in the prior-year quarter and clearly ahead of consensus estimates of USD 9.43 billion.
The same overview notes that diluted earnings per share in Q2 2026 came in at USD 6.29, beating analyst expectations of USD 5.62 and improving from USD 6.02 in the corresponding quarter of 2025, so EPS grew by about 4.5 percent year over year while outperforming the street by about USD 0.67 per share.
One key growth driver highlighted in the report is the cholesterol-lowering medicine Repatha, which generated USD 953 million of revenue in Q2 2026, up 37 percent compared with the prior-year quarter, alongside volume growth of about 35 percent, underscoring the product's contribution to Amgen's expanding cardiovascular portfolio.
Valuation and obesity-trial catalyst in focus
According to the biopharma reset note cited by Investing.com, HSBC argues that Amgen's valuation now better reflects its execution and pipeline and points to the upcoming MariTide obesity-trial data as the next major catalyst in a space where competition is intensifying.
A fair-value discussion on Amgen from Simply Wall St pegs intrinsic value at about USD 359.98 per share, slightly below the recent close of USD 377.35, suggesting the stock could be around 4.8 percent above that fair-value estimate.
For investors, the combination of a consensus Hold rating, a narrow gap between the current share price and the average analyst target, and multiple pipeline readouts ahead makes positioning in Amgen increasingly a question of risk appetite around obesity and oncology trial outcomes rather than backward-looking earnings strength.
Stock level, range and trading metrics
Per Nasdaq data compiled by MarketBeat, Amgen stock closed at USD 377.35 on September 11, 2026, down USD 5.12 or 1.34 percent on the day, with intraday trading volume of about 759,306 shares and a market capitalization of USD 204.01 billion at that closing level.
The same data set shows a 52-week low of USD 269.77 and a 52-week high of USD 447.03 for Amgen shares, so the September 11, 2026 close of USD 377.35 stands roughly USD 107.58 above the low and USD 69.68 below the high, placing the stock closer to the upper half of its one-year trading range but still well under the peak.
An earnings snapshot on Amgen from Robinhood indicates that, among 36 tracked analyst ratings, about 33.3 percent are Buy, 55.6 percent are Hold and 11.1 percent are Sell, reinforcing the picture of a balanced stance where most coverage sees neither pronounced upside nor dramatic downside at current levels.
Key data on Amgen stock
- Company: Amgen Inc.
- ISIN: US0311621009
- Ticker: AMGN
- Trading venue: Nasdaq
- Price (as of September 11, 2026, 16:00): 377.35 USD
- Market capitalization: 204.01 billion USD (as of September 11, 2026)
- Sector / Industry: Biotechnology
- Index membership: S&P 500
