Why Is Amgen Stock Falling Premarket?

Wall Street’s updated price targets on Amgen imply a wide range from about 16% downside to a 15% upside from the stock’s last close.

Amgen now plans to initiate a Phase 3 program across obesity and a number of related conditions. | Photo Courtesy of Amgen

Deepti Sri·Stocktwits

Published Feb 05, 2026 | 4:29 AM EST

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Amgen shares moved lower in premarket trading after hitting a record high in the previous session.
Several Wall Street analysts raised price targets for Amgen after the company reported strong Q4 results that exceeded consensus.
Amgen guided 2026 forecasts above consensus, supported by a broad blockbuster lineup.

Amgen shares fell 0.4% in premarket trading on Thursday after the stock hit a record high in the previous session, even as Wall Street raised price targets following a stronger-than-expected fourth quarter (Q4) earnings report.

Wall Street Lifts Amgen Price Targets

RBC Capital raised its price target on Amgen to $360 from $335 and kept an 'Outperform' rating, citing a Q4 beat driven by Prolia, Repatha, Evenity, and Uplizna. Based on the stock’s last close, RBC’s target implies a 2% downside. The firm said Amgen reiterated that there are multiple paths to success in obesity but did not provide additional detail on Part II of the MariTide trial.

TD Cowen lifted its price target to $420 from $389, reflecting a 15% upside from current levels, and maintained a 'Buy' rating after updating its model to reflect near and long-term growth despite loss-of-exclusivity concerns.

Morgan Stanley raised its target to $309 from $304, pointing to a 16% downside from Amgen’s last close, and reiterated an 'Equal Weight' rating. Additionally, Citi lifted its price target to $345 from $315, implying a 6% downside, and kept a 'Neutral' rating, citing “strong” Q4 performance.

AMGN Q4 Results

Amgen reported adjusted Q4 earnings per share of $5.29, beating estimates of $4.76, on revenue of $9.9 billion, above expectations of $9.45 billion. For 2026, the company forecast revenue of $37 billion to $38.4 billion and adjusted earnings per share of $21.6 to $23. It expects capital expenditures of about $2.6 billion and said share repurchases will not exceed $3 billion.

Amgen Blockbusters Drive 2025 Growth

The company said 14 products generated at least $1 billion each in annual sales in 2025, with 13 posting double-digit growth and 18 delivering record results, helping offset pricing pressure and biosimilar competition. Repatha, Evenity, and Tezspire each grew more than 30% year over year.

In cardiometabolic disease, Amgen highlighted Phase 3 Vesalius-CV data showing a 25% reduction in first major cardiovascular events for Repatha in high-risk patients. In obesity, the company continues to advance MariTide across six global Phase 3 studies. Its innovative oncology portfolio grew 11% in 2025, led by Imdelltra, which has received full FDA approval in extensive-stage small cell lung cancer.