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. Stock
The stock is an absolute favorite of our community with 28 Buy predictions and no Sell predictions.
With a target price of 304 € there is a slightly positive potential of 4.27% for Amgen Inc. compared to the current price of 291.55 €.
