Why Amgen Stock Slumped on Monday
(NASDAQ: AMGN) stock came under renewed pressure on Monday, several days after more regulators piled on to block a major acquisition announced by the company. The immediate catalyst was a price-target cut made by an analyst before market open. As a result, Amgen's share price sank by slightly over 1%, which was more than double the percentage-rate decline of the S 500 index on the day.
The person taking the scissors to his Amgen price target was Argus Research's David Toung. His new level is $260 per share, down from the previous $270. He's clearly not ready to give up on the company yet, though, as he maintained his buy recommendation on the stock.
It wasn't immediately apparent why Toung shaved $10 off his price target, but it's almost certain that Amgen's recent regulatory struggles had something to do with it.
Source Fool.com
Amgen Inc. Aktie
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