Amgen Stock Plummets 3.43% on Drug Discontinuation and Market Challenges, Trading Volume Ranks 70th

On May 6, 2025, Amgen's trading volume reached 8.82 billion, ranking 70th in the day's stock market. Amgen's stock price fell by 3.43%, marking the fourth consecutive day of decline, with a total decrease of 7.04% over the past four days.

Amgen's stock price has been under pressure due to recent developments. The company's decision to discontinue the development of its experimental drug, AMG 594, has raised concerns among investors. The drug, which was being developed for the treatment of a rare genetic disorder, had shown promising results in early clinical trials. However, Amgen cited safety concerns as the reason for the discontinuation, which has led to a sell-off in the stock.

In addition to the discontinuation of AMG 594, Amgen has also faced challenges in its key markets. The company's top-selling drug, Enbrel, has seen a decline in sales due to increased competition from biosimilars. This has put pressure on Amgen's revenue and earnings, leading to a downward revision of its financial guidance for the year.

Despite these challenges, Amgen remains a leading player in the biotechnology industry. The company has a strong pipeline of drugs in development, including several promising candidates for the treatment of cancer and inflammatory diseases. Amgen's management has expressed confidence in the company's long-term prospects, citing its strong balance sheet and cash flow generation.