10 Best Pharma Stocks To Buy Right Now

7. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 69

Amgen Inc. (NASDAQ:AMGN) is a global biopharmaceutical leader specializing in human therapeutics across areas like oncology, hematology, inflammation, bone health, and cardiovascular diseases.

Amgen Inc. (NASDAQ:AMGN) reported $8.5 billion in revenue for Q3 2024, marking a 23% jump from $6.9 billion in the same period last year. This growth was fueled by a 24% rise in product sales, with ten key products achieving double-digit sales increases, including Repatha, Tezspire, Evenity, Tavneos, and Blincyto. Additionally, the company’s innovative oncology portfolio grew by 17%, while the rare disease segment saw a 21% year-over-year increase, generating $1.2 billion in Q3 revenue.

On October 16, Goldman Sachs reaffirmed its Conviction Buy rating on Amgen Inc. (NASDAQ:AMGN) with a price target of $369. The endorsement reflects Amgen’s progress amid a pivotal year, especially with Phase 2 obesity data for MariTide expected by year-end 2024. Positive results could unlock a massive obesity treatment market, projected to reach $130 billion by 2030. Goldman’s analysis highlighted that the upcoming data will be crucial for validating Amgen’s unique strategy of combining a GLP1-R agonist with a GIPR antagonist—potentially positioning MariTide as a strong competitor to existing and emerging treatments like Wegovy and Zepbound.

By Q2 2024, 69 hedge funds tracked by Insider Monkey held stakes in Amgen Inc. (NASDAQ:AMGN).

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.”