Amgen Stock: Is Wall Street Bullish or Bearish?

Amgen Inc. (AMGN) is a leading biotechnology company headquartered in Thousand Oaks, California. It specializes in the discovery, development, manufacturing and distribution of innovative human therapies, particularly biologics targeting serious diseases such as cancer, cardiovascular disease, inflammation and bone disorders. Amgen pioneered recombinant DNA technology to improve patient care globally. The company has a market capitalization of $184.10 billion.

The stock has faced strong investor sentiment. Over the past 52 weeks, Amgen shares have gained 20.4%, while over the past six months they have risen 13.4%. The company’s shares hit a 52-week high of $353.25 on Jan. 27, but are down 3.2% from that level.

On the other hand, the broader S&P 500 Index ($SPX) has gained 14.3% and 9.1% over the same periods, respectively, indicating that the stock has outperformed the broader market. Below, we compare the stock to its own sector. The State Street Health Care Select Sector ETF (XLV) SPDR is up 5% over the past 52 weeks and 15.3% over the past six months. So, while the stock has outperformed its sector over the past year, it has underperformed over the past six months.

Amgen is taking some strategic steps to boost its business. Fitch Ratings recognized the company’s improved financial structure and debt repayment after the Horizon Therapeutics acquisition by raising its long-term issuer default rating from “BBB” to “BBB+.” The company also acquired a UK-based biotech company, Dark Blue Therapeutics, which is expected to bolster Amgen’s oncology portfolio.

The company’s third-quarter results were better than analysts expected. For the fourth quarter of 2025 (which will be reported on February 3, after the market close), Wall Street analysts expect Amgen’s EPS to decline 10.6% year-over-year to $4.75 on a diluted basis. However, EPS is expected to rise 7.3% annually to $21.29 by fiscal 2025, followed by a 2.6% improvement to $21.85 in fiscal 2026. The company has a strong track record of beating consensus estimates, surpassing them in the trailing four quarters.

Among the 33 Wall Street analysts covering Amgen stock, the consensus is a “moderate buy.” This is based on 14 “Strong Buy” ratings, two “Moderate Buys”, 14 “Holds”, one “Moderate Sell” and two “Strong Sells”. The ratings setup has become more bullish than two months ago, with 14 “Strong Buy” ratings, up from 13.

Bernstein analysts recently downgraded Amgen stock from “Outperform” to “Market Performer,” citing that 2026 could be a “waiting year” for the stock as its obesity candidate MariTide awaits data from its first Phase 3 trial and its cholesterol drug Repatha faces competition from Merck’s (MRK) oral PCSK9 inhibitor Enlicitide.

Amgen’s average price target of $336.29 indicates a 1.6% downside from current market prices. However, the Street’s high price target of $425 implies a potential upside of 24.3%.

As of the date of publication, Anushka Dutta had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com