New York, Jan 11, 2026, 16:51 EST — Market closed.
- Amgen shares ended Friday down 1.21% at $326.10, extending a two-day decline.
- CEO Robert Bradway is set to speak Monday at the J.P. Morgan Healthcare Conference.
- Investors are weighing two oncology deals and a fresh bullish call from UBS.
Amgen (AMGN.O) shares head into Monday’s session with investors looking to Chief Executive Robert Bradway’s J.P. Morgan Healthcare Conference remarks for the next clear catalyst. 1
The annual healthcare conference is one of the first big trade-and-talk events of the year for drugmakers. Traders will be listening for what management says — and what it does not say — about pipeline timing, deal appetite and any near-term pressure on pricing.
Amgen closed at $326.10 on Friday, down 1.21%, after a 3.37% drop on Thursday, according to Investing.com data. The broader market rose to record highs on Friday after U.S. jobs data showed payroll growth below forecasts while the unemployment rate eased, a mix that did not derail expectations for Fed rate cuts this year.
Earlier in the week, Amgen said it would acquire UK-based Dark Blue Therapeutics in a deal valued at up to $840 million, adding an investigational molecule aimed at acute myeloid leukemia, a blood cancer. Jay Bradner, Amgen’s head of R&D, called AML “one of the most difficult cancers to treat,” in the company’s statement. 2
A day later, Germany’s DISCO Pharmaceuticals said it signed an exclusive license agreement with Amgen tied to a cancer target identified with DISCO’s “surfaceome” platform — a method that maps proteins on the surface of cancer cells. DISCO said the deal carries up to $618 million in potential payments plus royalties; CEO Mark Manfredi said the agreement shows “meaningful clinical potential” for targets the platform can uncover. 3
UBS upgraded Amgen to Buy from Neutral and raised its price target to $380, up from $317, as the bank assumed coverage, according to The Fly’s report carried by TipRanks. UBS said there was “significant debate with heavily bearish sentiment,” but pointed to potential upside from earnings and pipeline programs, including the obesity candidate MariTide and a Phase 3 lipoprotein(a) drug — Lp(a) is a cholesterol-like particle linked to higher heart risk. 4
That puts the spotlight back on whether Amgen can turn development-stage programs into a growth engine while it adds early oncology bets. For obesity, investors will also keep one eye on how any Amgen data stacks up against entrenched rivals such as Novo Nordisk and Eli Lilly.
Deal chatter in big pharma has also been picking up more broadly as companies look for new assets ahead of looming patent expirations, the Financial Times reported on Sunday, setting a read-through for how investors may view Amgen’s latest shopping. 5
But the two oncology moves are early-stage, and early science breaks all the time. If Bradway’s conference talk offers little new detail on timelines, costs or what comes next, the stock could stay stuck in the same range it traded last week.
The next scheduled checkpoint is Bradway’s 3:45 p.m. PT presentation on Monday, when investors will look for specifics on pipeline priorities and how Amgen plans to spend after its latest oncology deals.
