Maintain AMGN at Hold given unfavorable risk/reward at current levels near $411, with downside risk of 4-5% to the 10 EMA versus only 2-3% upside to the $420-$425 base-case target. New positions should only be initiated on a pullback to the $393-$401 support zone (50-75% sizing) or a confirmed breakout above $412 on volume exceeding 3M shares. The Q2 fundamentals are strong enough to justify holding existing positions but not chasing the current level.