Amgen stock falls sharply as trial read-through and Tavneos risk unsettle investors
Published on 09/09/2026 at 15:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Amgen Inc. (ISIN US0311621009) stock dropped about 10 percent on September 8, 2026, leaving the biotech group among the biggest losers in the Dow Jones Industrial Average as investors digested cardiovascular trial read-through and regulatory risk around its rare-disease drug Tavneos.
Sharp price move after Novartis trial and Tavneos headlines
According to GuruFocus, Amgen shares fell 10.1 percent to close at USD 393.17 on September 8, 2026, within a 52-week trading range of USD 269.77 to USD 447.03.
On the same day, Benzinga reported that Amgen stock was down 9.51 percent at USD 395.65 as investors assessed disappointing Phase 3 data from Novartis for its lipoprotein(a)-lowering drug pelacarsen, with market participants worrying about potential implications for Amgen's own olpasiran program.
Further pressure has come from regulatory developments around the autoimmune drug Tavneos: as Tikr detailed on September 9, 2026, UK regulators suspended new patient use of Tavneos on September 1, 2026 and plan to cancel the marketing authorization by March 2027, following similar moves in the European Union and a proposed withdrawal in the United States.
Recent earnings and guidance underpin the fundamental picture
Beyond the short-term volatility, Amgen's latest earnings figures still show solid operational growth. Based on the company's most recent quarterly disclosure for the period ending June 30, 2026, TipRanks reports that Amgen generated revenue of USD 10.05 billion in the second quarter of 2026, up from USD 9.17 billion a year earlier, which represents a 9.6 percent year-over-year increase.
According to MarketBeat on September 9, 2026, Amgen reported earnings per share of USD 6.29 in that quarter, beating the consensus estimate of USD 5.62 by USD 0.67, while net margin stood at 22.95 percent.
In the same report, MarketBeat notes that Amgen set its fiscal year 2026 earnings guidance at USD 22.30 to USD 23.50 per share, with analysts expecting around USD 22.97 per share for the current year.
Dividend income remains part of the story: the same MarketBeat overview indicates that Amgen recently declared a quarterly dividend of USD 2.52 per share, implying an annualized payment of USD 10.08 and a dividend yield of about 2.6 percent based on the prevailing share price at the time of that announcement.
Analyst reactions show a divided view on valuation
The sharp move has triggered mixed analyst responses. As CNBC reported on September 8, 2026, BMO Capital Markets cut its rating on Amgen to Market Perform but maintained a price target of USD 450, implying only a low-single-digit upside from the share levels cited in that note.
According to TipRanks on September 8, 2026, Goldman Sachs reiterated a Buy rating on Amgen with a price target of USD 450. In the same coverage, Scotiabank maintained its Buy stance and also set a USD 450 target, while the consensus price target across analysts stood at USD 397.95, representing modest downside from then-current levels.
By contrast, some houses have turned more cautious. In a separate note on September 9, 2026, TipRanks highlights that Bank of America Securities maintains a Sell rating on Amgen with a price target of USD 317, well below recent trading levels.
Valuation models echo the debate. The GF Value model described by GuruFocus assigns Amgen an intrinsic value estimate of USD 365.80 per share, roughly 7.5 percent below the quoted price of USD 393.17 as of September 8, 2026.
Stock remains above key support levels despite pullback
From a technical standpoint, the recent move has pushed the stock closer to important moving averages without yet breaking longer-term support. As Benzinga noted on September 8, 2026, Amgen traded 8.7 percent below its 20-day simple moving average of USD 430.22, with near-term resistance identified around USD 398 close to the 50-day simple moving average and potential support around the 200-day simple moving average near USD 359.
Despite the double-digit one-day percentage decline, GuruFocus points out that the stock remains up 44.2 percent over the past year, underscoring that the current retreat is occurring after a strong run within the 52-week range between approximately USD 270 and USD 447.
Current price and market data for Amgen stock
In the latest completed trading session on Nasdaq before September 9, 2026, Amgen shares closed at about USD 393.17, with the move of minus 10.1 percent from the prior day placing the stock near the identified near-term resistance zone and still comfortably above the cited 200-day simple moving average support around USD 359.
Key data on Amgen stock
- Company: Amgen Inc.
- ISIN: US0311621009
- Ticker: AMGN
- Trading venue: Nasdaq
- Price (as of September 8, 2026): 393.17 USD
- Market capitalization: 211,000,000,000 USD (as of September 8, 2026)
- Sector / Industry: Health Care / Biotechnology
- Index membership: Dow Jones Industrial Average
