Amgen Stock Crashes 10% Amidst Woes for Cholesterol-Targeting Therapies
📉 Amgen stock plummeted 10.1% on September 8, 2026, closing at $393.17 to mark its steepest single-day decline in roughly 25 years.
⚠️ Investors expressed concern that a Phase 3 setback for Novartis' pelacarsen injectable cholesterol drug negatively impacts the outlook for Amgen's similar therapies.
📉 BMO Capital Markets downgraded Amgen to 'market perform' while maintaining a price target of $450, reflecting cautious sentiment on the stock.
Risk Factors
- Amgen shares suffered their steepest single-day decline in about 25 years, dropping 10.1% to close at $393.17.
- A Phase 3 setback for Novartis' pelacarsen raised investor concerns regarding the viability of similar cholesterol-targeting therapies within Amgen's own pipeline.
- BMO Capital Markets cut its rating on Amgen to 'market perform', indicating a negative shift in analyst sentiment despite maintaining a $450 price target.
Full Analysis
Amgen stock experienced a severe decline of 10.1% on September 8, 2026, closing at $393.17 on the Nasdaq. This drop represents the company's steepest single-day fall in approximately 25 years, signaling significant investor concern regarding its current trajectory and market position.
The primary driver of this downturn was a Phase 3 clinical trial setback for Novartis' pelacarsen, an injectable cholesterol-targeting therapy. Investors interpreted this failure as a negative signal for the broader class of similar drugs, raising specific concerns about the efficacy and future prospects of Amgen's own portfolio in the same therapeutic area.
Market sentiment was further weighed down by analyst action from BMO Capital Markets, which cut its rating on Amgen to 'market perform' while maintaining a price target of $450. This downgrade reflects a cautious outlook for the biotechnology giant amidst the challenging environment for cholesterol-lowering treatments.
