Amgen (AMGN) stock slipped on Wednesday after the biotechnology company announced plans to create a $600 million hub at its headquarters in Thousand Oaks, California. According to the company, this facility will act as a center for science and innovation that brings together researchers, engineers, and scientists. The goal of this facility is the discovery and development of next-generation therapeutics.
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Amgen noted that construction of the hub will start in the third quarter of 2025. It didn’t provide an estimate for when the facility will be finished. What it did note is that hundreds of jobs will be created for the site’s construction.
Amgen also highlighted its commitment to U.S. manufacturing with this latest facility. It mentioned its $40 billion in manufacturing and research and development since the passage of the Tax Cuts and Jobs Act (TCJA) of 2017. The company also said, “The enactment of pro-growth tax policies in TCJA, extended and reinforced by the One Big Beautiful Bill Act of 2025, further facilitates Amgen’s ability to invest domestically in cutting-edge science and manufacturing.”
Amgen Stock Movement Today
Amgen stock was down nearly 1% in pre-market trading on Wednesday, following a slight dip yesterday. Even so, shares have rallied 12.86% year-to-date but have fallen 13.22% over the past 12 months. Trading was muted today, with around 2,000 shares traded, compared to a three-month daily average of about 2 million units.
Is Amgen Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Amgen is Moderate Buy, based on 10 Buy, 11 Hold, and a single Sell rating over the past three months. With that comes an average AMGN stock price target of $324.94, representing a potential 13.25% upside for the shares.
