Jefferies Initiates Coverage on Amgen with Hold Rating

Brokerage sets $350 price target, sees potential downside from current levels

Published on Mar. 10, 2026

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Jefferies Financial Group began coverage on shares of Amgen (NASDAQ:AMGN) in a research note on Tuesday, issuing a "hold" rating and a $350.00 price target on the stock. The brokerage's price objective indicates a potential downside of 7.15% from the stock's current trading price.

Why it matters

Amgen is a major player in the biotechnology and pharmaceutical industry, so Jefferies' rating and price target could influence investor sentiment and trading activity around the stock. The research note provides an outside perspective on Amgen's valuation and growth prospects compared to analyst consensus.

The details

In their research note, Jefferies analysts cited Amgen's current stock price and valuation as reasons for the hold rating, suggesting the shares may be overvalued at current levels. The $350 price target represents a potential downside from Amgen's closing price on Tuesday of $376.97.

  • Jefferies initiated coverage on Amgen on Tuesday, March 10, 2026.

The players

Jefferies Financial Group

A global investment banking firm that provides research coverage and ratings on various public companies.

Amgen

A leading biotechnology company that discovers, develops, manufactures, and delivers human therapeutics to treat serious illnesses.

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The takeaway

Jefferies' initiation of coverage on Amgen with a hold rating and $350 price target suggests the investment firm sees limited upside potential in the stock at its current valuation, even as the company remains a major player in the biotech industry. Investors will likely monitor how Amgen's stock reacts to this new research coverage.