The Week

Amgen (AMGN) lost 1.57% this week, closing at $432.42, while the S&P 500 gained 0.49%. The stock trailed the benchmark by roughly 2.06 percentage points. The week opened with a push higher — Monday (Aug 24) ended at $443.84 and Tuesday (Aug 25) posted an intraday high of $447.03 — before the stock gave back gains through the final three sessions. Friday (Aug 28) bottomed at $430.72 and settled near the week’s low.

Key Events

The early-week move coincided with Piper Sandler lifting its price target to $457, a move that briefly pushed AMGN to a record high. Attention then shifted to clinical news: on Aug 27, Amgen and AstraZeneca announced that Tezspire met both co-primary endpoints and all key secondary endpoints in a Phase 3 eosinophilic esophagitis trial, with a safety profile consistent with approved indications. The readout sparked discussion about whether Tezspire could challenge Dupixent in that indication, though the stock still faded with the broader biotech complex into the weekend. A few routine position changes also crossed the tape — Aberdeen trimmed its stake, MASTERINVEST initiated a new position.

Analyst Ratings

Across 34 firms covering Amgen, 10 rate it buy, 4 overweight, 16 hold, 2 underweight and 2 sell. The consensus rating is buy. The consensus target sits at $388.48, about 10.16% below the latest price, with the target range spanning $230 to $457 — a wide spread that reflects this week’s high-end Piper Sandler revision against more cautious views elsewhere. Amgen ranks 2nd on ratings within the biotechnology sector.

The Week Ahead

Tuesday (Sep 1) brings ISM manufacturing PMI and JOLTS job openings, followed by ADP private payrolls on Wednesday (Sep 2). Macro data could sway risk appetite for rate-sensitive names. No company earnings are currently on the calendar; the regulatory follow-through for Tezspire in eosinophilic esophagitis remains one to watch.

In Short

Amgen pulled back from record highs on heavy volume while Tezspire’s positive Phase 3 data landed. The ratings picture is skewed positive — consensus buy — yet the consensus target sits below spot, suggesting sell-side targets have not kept pace with the stock’s earlier run. The latest session’s flows also showed large-lot money on the sell side. What matters next is whether more brokers follow the $457 target higher and whether Tezspire’s new indication turns into valuation support.

This article is generated by LongbridgeAI from market data, for information only and not investment advice.