- Amgen (AMGN) stock went down by 6.5% after a pension fund claimed the company misled investors by failing to disclose it was facing a potential $10 billion bill in back taxes and penalties, with the IRS demanding $3.6 billion in back taxes for the years 2010 to 2012 and an additional $5.1 billion for 2013 to 2015 in 2020, and that the company only disclosed the back taxes for the years 2010 to 2012 in August 2021.
- Amgen (AMGN) has been sued in a proposed class action for allegedly waiting too long to inform investors about a tax dispute with the IRS over potential liabilities of $10.7bn, causing shareholder losses and a 6.5% and 4.3% fall in its share price in August 2021 and April 2022 respectively.
- Amgen Inc. (AMGN) stock was down by 1.12% last night following a proposed class action lawsuit accusing the drugmaker of not informing investors about its potential tax liabilities.
- Amgen's (AMGN) stock fell 1.12% after a Detroit-based pension fund filed a complaint alleging the company concealed a dispute over its international tax strategy that led to a drop in share prices in August 2021 and April 2022, stemming from accusations by the IRS that Amgen underreported taxes from 2010 to 2015 through its Puerto Rico unit and overstating the dispute by billions of dollars, with the case currently ongoing.
- Amgen's stock went down by 1.11%, as its key product's sales, Enbrel, declined due to competition, causing its revenue to grow modestly at just 1% year over year to $26.3 billion and keeping the stock close to its 52-week low, but the company has launched a biosimilar version of AbbVie's immunology drug Humira in the US and it has a robust pipeline and a strong dividend that can help strengthen its lineup and pipeline and help patient investors beat the market.
- Amgen Inc. (NASDAQ: AMGN) stock went down 0.13% as the company carries debt, but its demonstrated ability to convert EBIT to free cash flow suggests it can comfortably handle its current debt levels.
- Amgen's stock (AMGN) was 0.13% down due to the struggling stock market, but with recent acquisitions and a price-to-earnings multiple of only 19, it could be a solid long-term investment choice along with Alphabet and Southern Company which are also trading near their 52-week lows.
- The article discusses the appointment of Darren Cline and Thomas McCourt to the Board of Directors of Pliant Therapeutics, a clinical stage biotechnology company focused on developing therapies for fibrosis, however, it does not mention why Amgen's (AMGN) stock went down.
- Amgen (AMGN) stock went down 0.13% amid a mixed trading session for the stock market, as the S&P 500 index rose by 0.14% and the Dow Jones industrial average fell by 0.18%, while Regeneron Pharmaceuticals Inc. fell by 3.70%, Moderna Inc. rose by 0.73%, and Gilead Sciences Inc. fell by 0.10%.
- Amgen (AMGN) fell 2.72% yesterday along with other biotech companies due to an overall rough trading session in the stock market, attributed to the spread between 2- and 10-year Treasury yields plunging to a level not seen since Sept. 22, 1981.
- Amgen's (AMGN) stock went down by 2.72% due to factors such as global economic conditions that may magnify certain risks affecting the company's business, increased competition from other products and biosimilars, pricing pressure, and regulatory developments affecting sales.
- Amgen (AMGN) stock went down by 2.72% following an announcement from IDEAYA Biosciences of a business update and financial results for the year and plans to advance its clinical programs, which may have prompted investors to sell AMGN stock.
- IDEAYA Biosciences provided a business update and financial results, but the article does not explain why Amgen's (AMGN) stock went down.
- The article provides an update on IDEAYA Biosciences' pipeline, which includes clinical-stage and preclinical programs, and the financial results for the year ended December 31, 2022; the article does not mention the reason for Amgen's stock going down.
- Sanofi's share price increased following approval for its drug Altuviiio for hemophilia A, a blood clotting disorder, and promising results for tolebrutinib in a phase 2 clinical trial for multiple sclerosis, which is expected to total $1.4 billion in sales by 2029, leading to Amgen's stock going up 0.13%.
- The article does not mention anything about Amgen and its stock performance, but rather discusses the appointment of Quan A. Vu as Chief Financial Officer and Chief Business Officer of biotechnology company Ocugen. Therefore, the question about why Amgen's stock goes up cannot be answered based on the given article.
- Amgen's (AMGN) stock rose slightly by 0.13% on Monday with the S&P 500 and the Dow Jones Industrial Average also experiencing gains, and this was the second consecutive day of gains for Amgen, even though it closed at $61.56 below its 52-week high, with trading volume exceeding its 50-day average.
- There is no mention of Amgen stock in the article, which announces the appointment of Quan A. Vu as Chief Financial Officer & Chief Business Officer of Ocugen, likely having no direct impact on Amgen's stock.
- Merck's experimental therapy, Sotatercept, helped increase exercise capacity in patients with pulmonary arterial hypertension in a late-stage study, leading to an increase in Merck's stock by 4%, and boosting Amgen's stock by 0.13% as they have a similar drug in development.
- Clinical stage biopharmaceutical company Lantern Pharma has expanded its clinical development team to continue advancing its Phase 2 trial for never smokers with non-small cell lung cancer and upcoming first-in-human Phase 1 clinical trials, in spite of the news, Amgen's stock fell by 0.61%, however, the reason for this decline is not mentioned in the article.
- The article is a report by Visiongain on the Rare Diseases market which is projected to grow at a CAGR of 12.27% during the forecast period 2023-2033 with gene therapies, increasing awareness, government support, and demand from emerging economies being the market drivers; it is unclear why Amgen (AMGN) stock went down last night.
- Amgen's (AMGN) stock went down by 0.61% as it is the fifth largest stock in the Dow Jones and the industrial and healthcare sectors have been largely neglected, which has resulted in the Dow Jones suffering.
- Amgen (AMGN) stock went down by 0.61% as one of the worst performers during yesterday's trading, alongside JPMorgan Chase & Co (JPM) and The Travelers Companies Inc (TRV), while Salesforce Inc (CRM) and DexCom Inc (DXCM) were among the best performers.
- The substantial holdings of institutional investors in Amgen, with 78% ownership of the company, indicates significant influence over the stock price, as collectively they can wield significant power, however institutions commonly compare their own returns to those of the relevant index, and a lack of growth history in the company increases the risk of a "crowded trade," which may result in multiple parties competing to sell off stock quickly, leading to a downslide of the stock price.
- Amgen Inc. stock goes down because the company is announcing the appointment of Quan A. Vu as Chief Business Officer, responsible for securing new business development partnerships, including in/out licensing opportunities, across the Company’s pipeline. This is important for 2023, as the company's pipeline includes game-changing gene therapies. However, there are many risks associated with this announcement, and it's unclear what Mr. Vu's qualifications are for this position.
- Amgen's monopoly on the sales of Humira, a blockbuster arthritis drug, is ending, leading to increased competition from a lower-priced copycat.
- The Federal Reserve is expected to raise interest rates later today, which could cause the stock market to fall.
- A company's stock price can go down for many reasons, including poor financial performance, changes in the company's business direction, or competition from newer, more innovative companies.