Amgen (AMGN) Stock Near Record Highs Before December 1, 2025 Open: Price, News, Analyst Targets and Forecast

Amgen (AMGN) Stock Near Record Highs Before December 1, 2025 Open: Price, News, Analyst Targets and Forecast

THOUSAND OAKS, Calif. – November 30, 2025 – Amgen Inc. (NASDAQ: AMGN) heads into the new trading week sitting at an all‑time closing high, with a flurry of analyst upgrades, institutional activity and bullish technical signals setting the stage before the U.S. market opens on Monday, December 1, 2025.

Below is a consolidated look at Amgen’s stock price, the most relevant news and forecasts from November 28–30, 2025, and what they may mean for AMGN in the very short term. All price data refers to the U.S. close on Friday, November 28, 2025, as markets are shut over the weekend.

Amgen stock price snapshot heading into December

• Last close (Nov 28, 2025):$345.46
  • Open: $344.00
  • High: $345.66
  • Low: $342.26
  • Change: +0.26% on the day ^[1]
• New all‑time closing high: $345.46 on November 28; previous close of $344.57 set on November 26. ^[2]
• 52‑week range: Approximately $253.30 – $345.84, with the intraday high of $345.84 set on November 13. ^[3]
• Market cap: Around $186 billion. ^[4]
• Performance: Amgen shares are up roughly 32% year‑to‑date, based on MarketBeat and Barchart data (from about $260–$294 at the start of the year to the current mid‑$340s). ^[5]

From a technical perspective, AMGN is extended:

• The stock trades about 13% above its 50‑day moving average (~$306) and ~17% above its 200‑day moving average (~$296). ^[6]
• Several services classify the short‑term setup as overbought, with a 14‑day RSI in the high 60s to low 70s, even as technical opinions from Barchart show a “Strong Buy” based on trend and momentum. ^[7]

In other words, Amgen enters December as a large‑cap biotech leader at record levels, with strong momentum but limited room for error if sentiment turns.

What moved Amgen between November 28 and 30, 2025?

The November 28–30 window did not bring new earnings or trial readouts, but it did deliver a cluster of analyst revisions, institutional filings and valuation analyses that will frame trading before the December 1 open.

1. Zacks boosts FY2025 earnings forecast

On November 29, American Market News reported that Zacks Research raised its FY2025 EPS estimate for Amgen: ^[8]

• Prior FY2025 EPS estimate: $20.80
• New FY2025 EPS estimate: $21.20
• Current Street consensus for 2025 EPS: $20.62

Zacks also issued:

• Q4 2025 EPS estimate: $4.64
• Q2 2026 EPS estimate: $5.34

These revisions sit on top of Amgen’s own guidance, which calls for 2025 adjusted EPS of $20.60–$21.40 after the company’s Q3 beat earlier in November. ^[9]

Why it matters:
The Zacks update confirms that at least one major forecasting house sees slightly higher earnings power than the current consensus, reinforcing the idea that the stock’s earnings base is still creeping up, not down, despite the big year‑to‑date rally.

2. Wall Street Zen / MarketBeat upgrade Amgen to “Strong‑Buy”

Also on November 29, Wall Street Zen upgraded Amgen from a Hold‑type rating to “Strong‑Buy”, a move picked up by MarketBeat and American Banking News. ^[10]

Key points from that coverage:

• Shares were noted at $344.65 at the time of the write‑up. ^[11]
• The report highlighted:
  • Price‑to‑earnings (P/E) around 28x trailing earnings. ^[12]
  • A 50‑day moving average near $307.5 and a 200‑day average near $294.7, underscoring how far AMGN has run above trend. ^[13]
  • A consensus rating of “Hold”, based on 1 Strong Buy, 9 Buy, 10 Hold and 1 Sell, with an average price target of about $333.74. ^[14]

The paradox: while Wall Street Zen calls the stock a Strong‑Buy, the broader analyst community is more cautious, expecting slight downside versus Friday’s close on average.

3. Simply Wall St flags possible undervaluation despite 18% monthly surge

On November 30, Simply Wall St published a widely syndicated analysis titled “Is Now the Right Time to Revisit Amgen After Its Recent 18% Price Surge?” ^[15]

Highlights from that piece:

• AMGN gained about 2.3% in the last week, 18.3% over the past month, and over 30% year‑to‑date, confirming the recent breakout. ^[16]
• A discounted cash flow (DCF) model pegs intrinsic value around $555 per share, suggesting the stock could be roughly 35–40% undervalued versus the current mid‑$340s price, under that particular model’s assumptions. ^[17]
• At the same time, their analysis notes a P/E of ~26.6x, versus a “fair” multiple closer to 27.8x in their framework, implying valuation is around fair on earnings, not wildly cheap. ^[18]

Takeaway: one fundamental framework (DCF) sees substantial upside if Amgen continues to compound cash flows, but traditional P/E comparisons say investors are already paying a full, though not extreme, premium.

4. AI‑driven technical model projects short‑term gains

A separate AI‑powered forecast from Intellectia, updated around November 30, gives a purely technical view: ^[19]

• 1‑day target: ~$356.03 (+3.1%)
• 1‑week target: ~$346.39 (+2.1%)
• 1‑month target: ~$378.80 (+9.7%)

The system labels AMGN a “Strong Buy” candidate, citing:

• 5 bullish vs 3 bearish technical signals
• All key simple moving averages (5, 20, 60, 200‑day) stacked in a bullish order (short‑term averages above long‑term)
• Overbought momentum metrics (RSI > 70, Stochastics > 80) that typically warn of pullbacks but can also appear in strong uptrends

It also notes support in the low‑$320s and resistance in roughly the $348–$354 area, suggesting that a break above the mid‑$350s could trigger another momentum leg higher, while a drop back toward the $320s would damage the short‑term bull case. ^[20]

These are model‑based views, not guarantees, but they reinforce what price action has already been saying: trend is up, risk is that it’s “too good” and overextended.

5. Heavy institutional activity: Norges Bank leads, others trim

From November 28–30, MarketBeat’s feed was dominated by 13F‑style filings that show major pension funds and asset managers actively repositioning around Amgen: ^[21]

Key moves highlighted:

• Norges Bank (Norway’s sovereign wealth fund) took a new position worth about $1.66 billion, signaling long‑term conviction in the name. ^[22]
• The New York State Common Retirement Fund trimmed its stake modestly by about 0.9% (6,221 shares), but still held roughly 664,928 shares, around 0.12% of Amgen, valued near $186 million. ^[23]
• Hamel Associates Inc. reported a 10%+ increase in its holdings, now holding about 19,600 shares, according to a November 30 report. ^[24]
• Multiple other managers (West Family Investments, Berry Wealth Group, American Century, Stablepoint Partners and others) either initiated or adjusted positions, contributing to a picture of active institutional rotation rather than wholesale exit. ^[25]

MarketBeat and American Market News estimate that about 76.5% of Amgen’s shares are held by institutions and hedge funds, a typical level for a large, mature biotech. ^[26]

Net message from the filings: there is broad institutional engagement around Amgen at current prices—some funds are locking in gains at record highs, while others are building long‑term positions on the back of recent clinical and regulatory wins.

Fundamental backdrop: earnings beat, Repatha data and new cancer approval

Although these developments pre‑date November 28, they are critical context for understanding why AMGN is pressing record levels just before December.

Q3 2025: broad‑based beat and raised guidance

On November 4, Amgen reported stronger‑than‑expected Q3 results: ^[27]

• Revenue: $9.56 billion, up ~12% year‑on‑year, beating estimates around $8.97–$8.98 billion
• Adjusted EPS: $5.64 vs consensus ~$5.01–$5.02
• Full‑year guidance raised to:
  • Revenue: $35.8–$36.6 billion
  • Adjusted EPS: $20.60–$21.40

Product highlights from Q3:

• Repatha (evolocumab) cholesterol drug revenue rose about 40% to ~$794 million in the quarter. ^[28]
• Prolia osteoporosis treatment sales climbed around 9% to ~$1.1 billion. ^[29]
• Legacy drug Enbrel saw sales fall roughly 30%, reflecting pricing and reimbursement pressures. ^[30]

At the same time, Amgen continued to plow cash into obesity research. R&D spending jumped roughly 31%, driven largely by development of MariTide, the company’s experimental weight‑loss therapy, with mid‑stage data expected by year‑end 2025. ^[31]

Why investors care before Dec 1:
The Q3 beat and raised guidance are the fundamental backbone of the rally. As long as the market believes Amgen can deliver on that 2025 outlook and convert pipeline catalysts into durable revenue, dips are likely to attract buyers.

Repatha: landmark cardiovascular prevention data

Another major driver is Repatha, Amgen’s PCSK9 inhibitor for lowering LDL cholesterol.

In early November, full results from the Phase 3 VESALIUS‑CV trial were presented at the American Heart Association meeting and published in NEJM. Across high‑risk adults without prior heart attack or stroke, Repatha plus standard therapy: ^[32]

• Cut the risk of first major adverse cardiovascular events (MACE) by 25%
• Cut the risk of a first heart attack by 36%
• Showed a trend toward reduced cardiovascular death, though that particular endpoint was not statistically significant

Repatha’s sales have already surged 33% year‑on‑year to $2.15 billion in the first nine months of 2025, and Amgen has also launched lower‑priced direct‑to‑consumer access in the U.S. to broaden uptake. ^[33]

These data bolster the case that Repatha can keep growing beyond traditional secondary‑prevention populations, a key plank in long‑term Amgen revenue forecasts.

Imdelltra: full FDA approval in small‑cell lung cancer

On November 19, the U.S. Food and Drug Administration converted Imdelltra (tarlatamab‑dlle) from accelerated to full approval for adults with extensive‑stage small cell lung cancer whose disease has progressed after platinum‑based chemotherapy. ^[34]

The pivotal DeLLphi‑304 Phase 3 trial showed:

• 40% reduction in risk of death vs chemotherapy, with median overall survival improving from about 8.3 to 13.6 months
• Better tolerability profile with fewer high‑grade adverse events than standard chemo

The NCCN guidelines now list tarlatamab as the only Category 1 preferred option for this setting, underscoring its status as a new standard of care. ^[35]

This positions Imdelltra as a meaningful growth driver in lung cancer, complementing Repatha and Amgen’s emerging obesity portfolio in shaping multi‑year revenue forecasts.

Dividend and shareholder returns

Amgen remains a dividend stalwart:

• Quarterly dividend: $2.38 per share
• Annualized: $9.52 per share
• Yield: roughly 2.7–2.9% at current prices in the mid‑$340s ^[36]
• Ex‑dividend date for the December payment: November 21, 2025; payable December 12. ^[37]

For income‑oriented investors, that yield combined with high‑single‑digit expected earnings growth and defensive healthcare characteristics is part of the bull case.

How Wall Street values Amgen going into 2026

Consensus targets: modest downside from record highs

Across major aggregators, Amgen’s average 12‑month price target currently sits below the last close, even after several upward revisions in November:

• MarketBeat: Average target $333.74, based on 21 analysts; implies roughly 3–4% downside from ~$345. ^[38]
• Benzinga: Average target about $324.50 from 31 analysts; recent ratings cluster around a near‑term average target of $342. ^[39]
• MarketWatch: Average target around $329.25 with an aggregate recommendation resembling “Overweight”. ^[40]
• TipRanks / Public.com: Similar “Hold” consensus, with average targets in the low‑ to mid‑$320s. ^[41]

The broad picture: most analysts see Amgen as fairly valued to slightly expensive at current levels, even as a minority of houses (notably some DCF‑based models and certain brokers with $380–$400 targets) argue for more upside. ^[42]

Valuation ratios: premium, but not extreme

Based on Friday’s close of $345.46:

• Trailing P/E: roughly 26–27x
• Forward P/E (next 12 months): around 15–16x, depending on the estimate set used. ^[43]
• PEG ratio (5‑year expected): ~1.1, suggesting price roughly in line with expected earnings growth. ^[44]

These metrics place Amgen at a premium to many large‑cap pharma peers on trailing earnings, but with a more reasonable forward multiple given its growth outlook and pipeline.

Technical overview before the December 1, 2025 open

Short‑term traders will be watching a cluster of technical factors as the market reopens:

• All‑time high close: $345.46 (Nov 28)
• Key resistance zone: roughly $348–$355 (recent highs plus technical resistance flagged by AI/quant models). ^[45]
• Support area:low‑$320s (prior consolidation area and clustered moving averages). ^[46]
• RSI & Stochastics: high 60s to 70+ range, signaling overbought conditions after a steep November run. ^[47]
• Barchart’s technical opinion: 100% Buy, indicating the strongest trend reading but explicitly flagging “overbought territory” and warning of a potential trend reversal if momentum cools. ^[48]

Translation for Monday morning:

• Bulls will argue that “strong gets stronger” and that upside breakouts are still possible if broader markets remain risk‑on.
• Bears and profit‑takers will point to the overbought signals, extended move above moving averages and the fact that consensus price targets sit below current levels.

Scenario analysis: what could happen at the December 1 open?

No new earnings or major trial readouts are scheduled for the open on December 1 itself, so Monday’s trade is likely to be driven by positioning and macro sentiment, framed by the late‑November news above.

Here are the main scenarios:

Bullish near‑term case

Factors supporting further upside or at least resilience:

1. Fundamental momentum
   • Q3 beat and raised guidance, plus Zacks’ latest EPS upgrade, keep the earnings story positive. ^[49]
2. Pipeline catalysts
   • Repatha’s VESALIUS‑CV data, Imdelltra’s full approval and upcoming MariTide obesity data give Amgen multiple growth “stories” that investors can buy. ^[50]
3. Institutional sponsorship
   • Norges Bank’s billion‑plus stake and continued buying from several asset managers show that big money is still comfortable holding AMGN near the highs. ^[51]
4. Technical uptrend
   • All major moving averages are sloping higher, and the stock has already cleared prior breakout levels identified by Investor’s Business Daily around $339. ^[52]

Under this scenario, dip buying near the low‑$340s or 5‑day average could appear quickly, and a clean move above the $348–$355 band might set up tests of higher psychological levels (e.g., $360) if macro markets cooperate.

Bearish or consolidation case

Reasons the stock could stall or pull back from record levels:

1. Valuation gravity
   • With AMGN trading above most analyst targets and at a premium trailing P/E, some investors may treat any early‑week strength as an opportunity to take profits. ^[53]
2. Overbought technicals
   • RSI, Stochastics and various oscillator readings are in classic “overbought” territory, where even small negative headlines or a market wobble can spark a sharper‑than‑usual pullback. ^[54]
3. Mixed institutional flows
   • While some funds are buying, others—like the New York State Common Retirement Fund, Groupama Asset Management and HSBC Holdings—have been trimming positions after the rally. ^[55]
4. Sector and macro risk
   • Biotech’s recent strength has partly ridden a broader market rally. If rates, policy headlines or macro data turn sentiment, high‑beta healthcare names can correct quickly regardless of company‑specific fundamentals. ^[56]

In this scenario, a drift or gap lower toward prior breakout levels in the $330–$335 range would not be surprising and might actually relieve froth without impairing the longer‑term uptrend.

What it means for investors watching Amgen on December 1

Going into the December 1, 2025 open, the weight of recent news between November 28 and 30 can be summarized like this:

• Earnings outlook: nudged higher by Zacks, with consensus still expecting mid‑single‑digit EPS growth in 2026 and beyond. ^[57]
• Clinical and regulatory backdrop: strengthened by Repatha’s primary‑prevention data and Imdelltra’s full approval, which both underpin multi‑year revenue growth stories. ^[58]
• Valuation: elevated vs historical averages but not extreme on forward metrics, with a wide spread between cautious consensus price targets and more optimistic DCF/AI‑driven models. ^[59]
• Positioning: intense institutional activity shows that big, long‑term investors are actively fine‑tuning exposure, not abandoning the name. ^[60]
• Technical picture: a powerful uptrend that is also stretched and overbought, increasing the odds of volatility in either direction. ^[61]

For traders and investors monitoring AMGN before the bell on December 1, the most important things to watch will likely be:

1. Futures and macro tone – a risk‑on open could encourage another push at the highs; any risk‑off tone might trigger fast profit‑taking.
2. Early volume and tape action around $345–$350 – holding above Friday’s close with strong volume would signal bulls still in control; failure there could confirm a short‑term top.
3. News flow on obesity and cardiovascular pipeline – even small updates, conference commentary or analyst notes can move a stock that is already priced for a lot of good news.

Important note: This article is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security. Investors should consider their own objectives, risk tolerance and financial situation and, if needed, consult a licensed financial professional.

References

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