On July 6, Amgen fell 3.19% in regular trading, trading at approximately $361.25/share, with turnover of $115 million. The decline came amid broad-based weakness across the biotechnology sector, compounded by company-specific headwinds related to its rare disease drug Tavneos.

On the news front, the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) recommended revoking the EU marketing authorization for Tavneos, concluding that the key ADVOCATE study supporting the drug's approval did not comply with good clinical practice standards and that submitted data were inaccurate and misleading. This follows the New England Journal of Medicine's formal retraction of the pivotal ADVOCATE trial paper on June 29, after FDA investigations revealed unauthorized re-adjudication of primary endpoint assessments for nine patients post-database lock. In the US, the FDA's Center for Drug Evaluation and Research had already proposed Tavneos withdrawal in April. Amgen has engaged Duke Clinical Research Institute for independent re-adjudication but regulatory risks remain elevated on both sides of the Atlantic.

Additionally, Rothschild & Co Redburn raised its price target on Amgen to $220 from $200 — still significantly below the analyst consensus of $355.78, reflecting institutional caution. Within the Biotechnology sector, Vertex Pharmaceuticals fell 2.55%, Gilead Sciences declined 2.17%, AbbVie dropped 1.86%, and Regeneron lost 1.74%.

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