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AMGN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Amgen Inc. (AMGN) stock moving?
Amgen reported a Q3 2026 earnings beat and raised 2026 guidance on Nov 3. The stock rose from 461.26 to 478.48 on Nov 4 on 4.6M shares, then faded to 460.28 on Nov 5 and has since traded in a 447-470 band, closing at 465.23 on Nov 10, about 4% above the Oct 22 close of 447.28. Volume has eased from the 4.1M to 4.6M earnings-week levels to about 2.1M. Analyst reaction was broadly positive: about ten brokers raised targets on Nov 4-5, with Buy-rated firms at $530-536 (UBS, Scotiabank, TD Cowen, Goldman Sachs) and Hold or Neutral firms at $410-470. Freedom Broker downgraded to Hold on Nov 6, and the group of Neutral targets clusters near the current price, so the earnings-driven gain looks largely priced in. Repatha data at AHA 2026 and a real-world study showing a 20% lower risk of fatal or nonfatal heart attacks versus ezetimibe add support to the cardiovascular franchise. The MariTide obesity data, which analysts are waiting for, is the main event still ahead and a key source of uncertainty for the longer horizon.
News behind the analysis
- Amgen Presents New Repatha Data at AHA Scientific Sessions 2026Amgen presented new clinical data at the American Heart Association Scientific Sessions 2026, showing the cost-effectiveness and efficacy of Repatha in high-risk patients.
- Amgen Announces New Data At The American Heart Association Scientific Sessions 2026; New Late-Breaking Findings Show That Repatha Was A Highly Cost-Effective Treatment Option for High-Risk Patients Without A Prior Heart Attack Or StrokeLate-breaking AHA findings present Repatha as a highly cost-effective option for high-risk patients without a prior heart attack or stroke.
- Freedom Broker Downgrades Amgen to HoldFreedom Broker cut Amgen from Buy to Hold while raising its price target to $470 from $450.
- Leerink Partners Maintains Market Perform on Amgen, Raises Price Target to $464Leerink Partners kept its Market Perform rating on Amgen and lifted its price target to $464.
- Guggenheim Adjusts Price Target on Amgen to $435Guggenheim kept its Neutral rating on Amgen and raised its price target from $378 to $435.
- Amgen Announces Real-World Study Results for RepathaA large real-world study reported that Repatha outperformed ezetimibe in reducing heart disease risk.
- Amgen Announces Results From Large Real-World Study Showing Treatment With Repatha Reduced Risk Of Fatal Or Nonfatal Heart Attacks By 20% Compared With Ezetimibe In People With ASCVD And Prior Statin UseThe real-world study reported a 20% lower risk of fatal or nonfatal heart attacks with Repatha versus ezetimibe in ASCVD patients with prior statin use.
- Goldman Sachs Maintains Buy on Amgen, Raises Price Target to $536Goldman Sachs kept its Buy rating on Amgen after the Q3 report and raised its price target to $536.
- Amgen Analyst Likes Diversified Business, Remains Patient Until MariTide Obesity DataAmgen approached 52-week highs on Q3 earnings beats and raised 2026 guidance, while Wall Street analysts lifted price targets.
- UBS Maintains Buy on Amgen, Raises Price Target to $530UBS kept its Buy rating on Amgen and raised its price target to $530 after the Q3 report.
About Amgen Inc
Amgen is one of the world's largest independent biotech companies, based in Thousand Oaks, California. It makes biologic medicines for heart disease, cancer, bone health, inflammation and rare diseases. It also sells biosimilars (lower-cost copies of other companies' biologic drugs) and is developing an experimental obesity drug called MariTide.
How it makes money
About 95% of revenue comes from selling its medicines. Roughly 70% of product sales come from the US. Major brands include Repatha (cholesterol), Prolia/Xgeva (bone), Evenity (osteoporosis), Tezspire (asthma), Blincyto and Imdelltra (cancer), TEPEZZA and other rare-disease drugs from its Horizon acquisition, and biosimilars. The remaining roughly 5% comes from royalties and partner revenue. In 2025, total revenue was about $37 billion. Amgen's 2026 guidance is about $39–40 billion.
What usually moves AMGN
- Clinical trial results, especially for the MariTide obesity drug
- Sales growth of key brands such as Repatha and Evenity
- Patent expirations and biosimilar competition (e.g., Prolia)
- US drug-pricing policy and Medicare negotiation
- Quarterly earnings and guidance changes