Amgen Stock Falls as Put Options Surge, Despite Strong Earnings and Buy Rating Upgrade

Unusual Bearish Options Activity and Share Price Drop

Amgen Inc. (NASDAQ:AMGN) saw a significant increase in put options trading on September 10, 2026, with traders purchasing 38,050 put contracts, representing a 309% surge compared to the average daily volume of 9,295 contracts. Despite this bearish options flow, Amgen shares fell 2.3% to close at $382.34, with 2,313,184 shares changing hands. The stock's decline occurred against a backdrop of moving averages indicating $400.14 over 50 days and $367.79 over 200 days, positioning the recent price below the shorter-term trend.

Strong Quarterly Results and Upgraded Guidance

The selloff coincided with the release of robust quarterly earnings data from August 4, 2026, which showed Amgen reporting $6.29 in earnings per share, exceeding consensus estimates by $0.67. Revenue for the quarter reached $10.05 billion, marking a 9.5% year-over-year increase. The company subsequently raised its full-year 2026 EPS guidance to a range of $22.30 to $23.50, with sell-side analysts projecting an average of $22.97 EPS for the fiscal year. A separate analysis noted that the company also raised its full-year 2026 revenue and EPS guidance, signaling improved confidence in its financial trajectory.

Product Portfolio Acceleration

Amgen's growth rebound was driven by 22 products posting at least double-digit sales growth in the second quarter. Key drivers included Tezspire, which posted 42% year-over-year sales growth, and Repatha, which grew 37% year-over-year. These products benefited from expanded indications and trial successes, supporting expectations for sustained portfolio momentum and contributing to the improved financial outlook.

Analyst Sentiment and Valuation Opportunity

Analysts currently maintain an average "Hold" rating on Amgen with a consensus price target of $381.68, even as several firms have raised targets and maintained Buy ratings. One analysis upgraded the stock back to a buy, reflecting strengthened fundamentals and a robust long-term growth outlook. The upgrade characterized a recent selloff triggered by a competitor's trial setback as overdone, highlighting a forward P/E discount to the broader sector as a compelling valuation opportunity.

Dividend and Market Capitalization Context

Amgen declared a quarterly dividend of $2.52 per share, equal to a 2.6% annualized yield. The company maintains a market capitalization of $206.71 billion, with a price-to-earnings ratio of 23.78, a PEG ratio of 2.83, and a beta of 0.43, indicating lower volatility relative to the broader market. The stock's 52-week range spans from a low of $269.77 to a high of $447.03, reflecting significant price volatility over the past year.