Price Chart

Executive Summary

HSBC double-downgraded AMGN from Buy to Hold on September 10, 2026, cutting its price target to $425 from $445, a 4.5% reduction. The stock currently trades at $391.27, below the consensus mean target of $388.72, implying a slight upside to the mean. HSBC’s accuracy is 55% on 261 calls with an average return of 5.5%, placing it near the middle of the pack. The consensus is mixed: 20 Hold, 14 Buy, 6 Strong Buy, 2 Sell, 1 Strong Sell, with a median target of $395. The downgrade follows a similar move by BMO Capital (Outperform to Market Perform) on September 8, and aligns with a broader cautious tone from Cantor Fitzgerald (Neutral) and Wells Fargo (Equal-Weight). EPS revisions over the past 30 days show a net positive tilt for the current fiscal year (32 up vs 0 down), but the next quarter has a slight negative bias (11 up vs 12 down). Insider selling has been notable, with five sales totaling over $3.3 million in August, including by the CFO and EVP. Institutional activity is mixed: Citadel doubled its position (+280.6%), while Quadrature Capital exited. Short interest is elevated at 62.3% of TRF volume. The bottom line: HSBC’s downgrade adds to a growing bearish consensus, but the high short interest and insider selling create a cautious backdrop for traders.

Impact Score

Consensus & Targets

The consensus is mixed: 6 Strong Buy, 14 Buy, 20 Hold, 2 Sell, 1 Strong Sell (43 analysts total). The direction is tilted toward Hold, with 53.5% of ratings at Hold or below. This is a cautious consensus, with no clear bullish or bearish majority.

The mean price target is $388.72, median $395, high $457, low $225. At $391.27, AMGN trades slightly above the mean, implying a 0.7% downside to the mean. HSBC’s $425 target is above the mean and median, ranking in the upper third of the range. The wide spread ($225–$457) reflects deep disagreement among analysts.

Recent Analyst Activity

Over the past 30 days, there have been 0 upgrades and 2 downgrades (HSBC and BMO Capital). EPS revisions for the current fiscal year are net positive (32 up, 0 down), but the next quarter shows a slight negative tilt (11 up, 12 down). The overall trend is mixed, with near-term caution but longer-term optimism.

Firm Track Record — HSBC

HSBC accuracy: 55% on 261 calls | avg return: 5.5%

Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 13 firms with ≥5 scored calls.

HSBC has a 55% accuracy rate on 261 scored calls with an average return of 5.5%. This is below the top-tier firms covering AMGN (BMO Capital, Truist, Mizuho, RBC Capital, Morgan Stanley, UBS all have 80%+ accuracy). HSBC’s track record is average, making this downgrade less impactful than if it came from a top-tier firm.

Earnings Estimates

Cross-Platform Signals

Insider selling is pronounced: five sales totaling over $3.3 million in August, including by CFO Khosla Rachna and EVP Grygiel Nancy A. Congressional sales are small ($1,001–$15,000 each) and not material. Institutional activity is mixed: Citadel doubled its position (+280.6%), while Quadrature Capital exited. Short interest is elevated at 62.3% of TRF volume, indicating heavy bearish positioning. The insider selling and high short interest converge with the bearish analyst signal, reinforcing the cautious view.

Investment Themes

Documents Analyzed

Report based on filing metadata.

US Market Status