The Investor
08 Sep 2026, 16:01
Amgen Stock Plunges 9.7% as BMO Capital Downgrades Shares
Amgen (NASDAQ: AMGN) shares fell 9.7% Tuesday as the biotechnology company faced a more cautious analyst outlook, including a downgrade from BMO Capital Markets.
BMO Capital downgraded Amgen from Outperform to Market Perform while setting a $450 price target. With Amgen trading around $394.79, the target still implies approximately 14% upside from the current share price.
Separately, Cantor Fitzgerald reiterated its Neutral rating on Amgen with a $400 price target. That target is only slightly above the current share price, suggesting limited upside under Cantor’s assessment.
The combination of BMO’s downgrade and Cantor’s continued Neutral stance adds to cautious sentiment surrounding Amgen following the stock’s sharp decline.
Despite BMO’s $450 target remaining above the current market price, the move from Outperform to Market Perform represents a meaningful reduction in its conviction. With shares down nearly 10% in the session, investors will be watching for developments that could explain the sharp selloff and determine whether the decline creates a more attractive valuation or signals increased risks for the biotechnology company.
Amgen (NASDAQ: AMGN) shares fell 9.7% Tuesday as the biotechnology company faced a more cautious analyst outlook, including a downgrade from BMO Capital Markets.
BMO Capital downgraded Amgen from Outperform to Market Perform while setting a $450 price target. With Amgen trading around $394.79, the target still implies approximately 14% upside from the current share price.
Separately, Cantor Fitzgerald reiterated its Neutral rating on Amgen with a $400 price target. That target is only slightly above the current share price, suggesting limited upside under Cantor’s assessment.
The combination of BMO’s downgrade and Cantor’s continued Neutral stance adds to cautious sentiment surrounding Amgen following the stock’s sharp decline.
Despite BMO’s $450 target remaining above the current market price, the move from Outperform to Market Perform represents a meaningful reduction in its conviction. With shares down nearly 10% in the session, investors will be watching for developments that could explain the sharp selloff and determine whether the decline creates a more attractive valuation or signals increased risks for the biotechnology company.
