Movement Alert｜Amgen Falls 3.07% in Regular Trading, Morgan Stanley Price Target Cut Triggers Profit-Taking

Market Focus

Oct 08

On October 8, Amgen fell 3.07% in regular trading, trading at $400.405 per share, with turnover of $107 million. Morgan Stanley lowered its price target on Amgen from $362 to $359, sparking profit-taking following recent gains.

Despite Truist raising its price target to $380 on the same day, the cautious stance from the investment bank weighed on sentiment. Amgen had rallied strongly in late September on positive Phase III results for Dazodalibep in Sjogren's disease and data showing Repatha reduced cardiovascular death risk by 20%, pushing the stock up over 3% on October 7. The divergence in analyst views prompted short-term holders to lock in profits.

Amgen Inc. is a biotechnology company that discovers, develops, manufactures and delivers medicines for serious diseases, focusing on areas of high unmet medical need. Its portfolio includes Repatha, Prolia, Enbrel and Otezla, among others.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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