10 Best Cancer Stocks to Buy According to Hedge Funds

8. Amgen, Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 68

Amgen, Inc. (NASDAQ:AMGN) is a biotechnology company that discovers, develops, manufactures, and markets human therapeutics. It delivers new therapies for patients with complex cancers, especially in areas with significant unmet needs. Amgen, Inc. (NASDAQ:AMGN) reported a 23% revenue increase in fiscal Q3 2024, reaching $8.5 billion. This growth was driven by double-digital growth across several of the company’s products.

It underwent a 17% growth in oncology sales, a 21% increase in rare disease sales, and a 67% growth in TEZSPIRE, which treats severe asthma. Its pipeline progress, especially its obesity drug MariTide, positions Amgen, Inc. (NASDAQ:AMGN) for long-term growth.

The company’s move towards rare diseases exhibited strong momentum in late fiscal 2024. The sale of its breakthrough treatments is also yielding positive results, like the cholesterol-lowering medication Repatha, which grew 40% relative to the same period a year ago. Analysts are bullish on the stock as its October 2023 acquisition of Horizon Therapeutics is expected to pay off in the next five years.

PGIM Jennison Health Sciences Fund stated the following regarding Amgen, Inc. (NASDAQ:AMGN) in its Q2 2024 investor letter:

“Amgen Inc. (NASDAQ:AMGN) is a large-cap global biotech company with a diverse portfolio of marketed and pipeline products. Amgen’s discovery pipeline had led the company to broaden its focus from oncology, immunology, and renal disease to include musculoskeletal, cardiovascular, and neurologic conditions. In addition, Amgen has turned its expertise in antibody manufacturing into a leading position in the development of biosimilars of competitor drugs. Most recently, Amgen shares advanced in 2Q following its announcement that its novel injectable GLP-1 agonist / GIPR antagonist, MariTide, for obesity showed promising interim Phase 2 data and has shown enough promise to warrant advancement into pivotal trials as soon as late 2024. While Eli Lilly and Novo Nordisk will remain the market leaders in the diabetes / obesity space, we think there is room for Amgen to carve out a meaningful share of the market with its antibody-peptide conjugate approach that could enable monthly or better dosing for MariTide.”