10 Best GLP-1 and Weight Loss Stocks to Buy Now

4. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Investors: 63

Revenue Growth Rate (year-over-year): 7.09%

A leading provider of biologic medicines, Amgen Inc. (NASDAQ:AMGN) has lately become a major force in the GLP-1 weight loss drug market. Over the past 12 months, the company’s stock has increased by more than 47%. This remarkable achievement follows a robust earnings report from AMGN in early May, when the company reported non-GAAP EPS of $3.96, beyond Wall Street estimates, and generated sales of $7.45 billion, up 22% over the same period the previous year.

Amgen’s first-quarter earnings showed strong growth, fueled by important medications including Epogen, Aranesp, and Repatha. The business increased its projection for FY 2024 operating EPS to between $19 and $20.20 and expects sales between $32.5 billion to $33.8 billion. These numbers point to a promising future for Amgen.

Amgen is making progress in the GLP-1 market with its obesity portfolio, which includes the intriguing AMG 133 and MariTide. These drugs have the potential to rival well-known brands like Wegovy and Ozempic. However, concerns include slower sales of legacy pharmaceuticals such as Enbrel, as well as possible threats from new product releases and clinical studies.

Carillon Eagle Growth & Income Fund stated the following regarding Amgen Inc. (NASDAQ:AMGN) in its first quarter 2024 investor letter:

“Amgen Inc. (NASDAQ:AMGN) shares suffered after the company released detailed clinical data on the lead obesity drug in its pipeline. Although investors recognized the medication’s efficacy, there were some concerns regarding other aspects of the medication revealed by the data.”

Despite concerns, analysts hold a consensus Buy rating on AMGN. In the first quarter of 2024, there were 63 hedge funds for Amgen Inc. (NASDAQ:AMGN) in IM’s database. The company’s biggest shareholder is John Zaro’s Bourgeon Capital with 54,254 shares worth $16.95 million.

In conclusion, it is pertinent to note that the strong earnings growth and a compelling GLP-1 market launch make Amgen a compelling investing opportunity. Given the growth prospects, investors wishing to increase exposure to a leading biotech company with significant future potential can consider AMGN.