B of A Securities Cuts Amphastar Pharma (AMPH) to Underperform, Lowers Target to $20

Bank of America Securities analyst Jason Gerberry downgraded Amphastar Pharmaceuticals (NASDAQ: AMPH) to Underperform from Neutral on Monday, June 29, and cut his price target from $25 to $20. Shares fell 4.91% on June 29, closing at $20.71.

What Changed

• Rating: Downgraded to Underperform from Neutral by B of A Securities analyst Jason Gerberry.
• New price target: $20, reduced from a prior target of $25, representing a $5 reduction.
• Current price vs. target: At $20.71, AMPH traded just above the new $20 target as of Monday's session.
• 52-week context: The stock has traded between $16.65 and $31.26 over the past year, placing the new target well below the midpoint of that range.

Why It Matters

A downgrade to Underperform signals that B of A Securities now expects AMPH to lag its coverage universe on a total-return basis, a more consequential call than a simple price-target trim. The reduction from $25 to $20 implies Gerberry sees limited upside from current levels and meaningful downside risk relative to his prior neutral stance.

The shift in analyst sentiment aligns with a broader deterioration in Wall Street's view of the stock. As of June 1, 2026, the consensus stood at zero Buy or Strong Buy ratings, nine Hold ratings, one Sell, and two Strong Sells, a marked reversal from the May 1 snapshot that included two Strong Buys and five Buy ratings. Gerberry's move deepens the bearish tilt in that consensus.

Wall Street View

With Gerberry's downgrade, the analyst community has grown notably more cautious on Amphastar. The June 1 consensus of nine Holds, one Sell, and two Strong Sells, against zero Buy-side ratings, reflects a wall of skepticism that was absent just one month earlier when seven of thirteen tracked analysts held positive ratings. The new $20 price target from B of A sits near the lower bound of the current analyst range and just above the stock's 52-week low of $16.65.

Investor Takeaway

Gerberry's move from Neutral to Underperform with a $20 target, down from $25, places B of A Securities among the more bearish voices on AMPH at a time when the broader analyst community has already pulled back its positive ratings sharply. With the stock trading at $20.71 on June 29 and a new target of $20 implying negligible upside in B of A's view, holders will be watching for any catalyst that could shift the consensus back toward a constructive stance.