5 Best Weight Loss Drug Stocks to Buy Now

In this piece, we will take a look at the five best weight loss drug stocks to buy now. If you want to take a deeper look at the latest trends in the weight loss industry, then read 10 Best Weight Loss Drug Stocks to Buy Now.

5. Bristol-Myers Squibb Company (NYSE:BMY)

Number of Q4 2023 Hedge Fund Shareholders: 60

Bristol-Myers Squibb Company (NYSE:BMY) makes its way on our list of the best weight loss drug stocks due to its acquisition of the pharma firm Amyln in 2012 for a multi billion dollar price tag. This deal saw Bristol-Myers Squibb Company (NYSE:BMY)  partner up with AstraZeneca for Amlyn’s GLP-1 agonist product portfolio. Additionally, it has also licensed its myostatin inhibitor drug as a potential GLP agonist alternative.

As of Q4 2023 end, 60 out of the 933 hedge funds profiled by Insider Monkey had bought Bristol-Myers Squibb Company (NYSE:BMY) ‘s shares. Josh Overdeck and David Siegel’s Two Sigma Advisors was the biggest investor due to its $456 million stake.

4. DexCom, Inc. (NASDAQ:DXCM)

Number of Q4 2023 Hedge Fund Shareholders: 69

DexCom, Inc. (NASDAQ:DXCM) is a medical device manufacturer headquartered in San Diego, California. While it doesn’t make weight loss drugs, data from the firm released in September 2023 outlined that its product sales grew as more people used weight loss drugs to measure their insulin in real time.

During December 2023, 69 out of the 933 hedge funds part of Insider Monkey’s database were the firm’s shareholders. DexCom, Inc. (NASDAQ:DXCM)’s largest hedge fund investor is Ken Griffin’s Citadel Investment Group through its $294 million investment.

3. Amgen Inc. (NASDAQ:AMGN)

Number of Q4 2023 Hedge Fund Shareholders: 69

Amgen Inc. (NASDAQ:AMGN) is an American healthcare company headquartered in Thousand Oaks, California. It is developing an injectable weight loss drug called MariTide as an alternative to popular treatments from Novo Nordisk. The shares are rated Buy on average, and the average share price target is $308.50.

For their fourth quarter of 2023 shareholdings, 69 out of the 933 hedge funds profiled by Insider Monkey had bought Amgen Inc. (NASDAQ:AMGN)’s shares. Josh Overdeck and David Siegel’s Two Sigma Advisors owned the biggest stake which was worth $333 million.

2. Merck & Co., Inc. (NYSE:MRK)

Number of Q4 2023 Hedge Fund Shareholders: 98

Merck & Co., Inc. (NYSE:MRK) is an American pharmaceutical giant headquartered in Rahway, New Jersey. Its weight loss drug efinopegdutide is also a candidate for treating liver damage from fat buildup.

Insider Monkey dug through 933 hedge fund portfolios for their fourth quarter of 2023 shareholdings and found that 98 were the firm’s investors. Merck & Co., Inc. (NYSE:MRK)’s largest hedge fund investor in our database is Ken Fisher’s Fisher Asset Management as it owns $1.4 billion worth of shares.

1. Eli Lilly and Company (NYSE:LLY)

Number of Q4 2023 Hedge Fund Shareholders: 102

Eli Lilly and Company (NYSE:LLY) is the hottest weight loss drug stock on the market right now. It might also become the world’s first non tech trillion dollar firm according to investment bank Morgan Stanley should Eli Lilly and Company (NYSE:LLY) maintain its success trends with weight loss drugs.

102 out of the 933 hedge funds profiled by Insider Monkey during Q4 2023 had invested in Eli Lilly and Company (NYSE:LLY). Ken Fisher’s Fisher Asset Management owned the biggest stake which was worth $2.6 billion.

Disclosure: None. You can also take a look at the 20 Least Affordable Metros for Homebuyers in the US and 11 Oversold Energy Stocks You Can Buy Right Now.

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