10 Best Immunotherapy Stocks to Buy Now

3. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 69

Amgen Inc. (NASDAQ:AMGN) was amongst the pioneers in immunotherapy with the FDA approval of Blincyto in 2014. This groundbreaking drug harnesses the body’s immune system to fight leukemia. Amgen Inc. (NASDAQ:AMGN) has also collaborated with many leading pharmaceutical companies to develop cancer treatments.

Amgen Inc.’s (NASDAQ:AMGN) second-quarter results showed continued growth due to strong performances from key products. Revenue increased by 20% year-over-year to $8.4 billion, driven by double-digit sales growth for several medications, including osteoporosis treatments, anti-inflammatory drugs, and blood cancer therapies.

Investors have responded positively to Amgen Inc. (NASDAQ:AMGN)’s performance, with the stock gaining 18% over the past six months. Its diverse product portfolio, consistent dividend payouts, and strong financial position make Amgen Inc. (NASDAQ:AMGN) one of the best immunotherapy stocks to buy now.

Here’s what PGIM Jennison Health Sciences Fund said about 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.”