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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid rising regulatory and tax pressures within the biotechnology sector, Goldman Sachs has lowered its price target for Amgen from $425 to $389. Despite the reduction, the bank maintained its 'Buy' rating on the stock, signaling continued confidence in the company's long-term growth trajectory. According to reports, Piper Sandler also adjusted its outlook, reducing its price target for the company to $427.
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Sign InThe valuation adjustments follow an escalated audit dispute with the IRS revealed during Amgen's Q1 earnings report, which has raised concerns regarding future cash flow liabilities. In comparison to sector peers, companies like Gilead Sciences and Biogen have seen more stable analyst coverage recently; experts cited by Bloomberg suggest that while the tax dispute is a headwind, Amgen's rare disease portfolio remains a core strength per market data.
Amgen (AMGN) shares stood at $345.73 at the close on June 8, 2026, after hitting a session high of $352.00. Traders should monitor upcoming macro catalysts including the U.S. JOLTs Job Openings report on the economic calendar, which could influence broader market sentiment and capital flows into defensive healthcare equities.