Amgen (AMGN) Stock Fell After Some Concerns Regarding The Released Clinical Data

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here.  The S&P 500 Index continued its recent all-time high, beginning the year’s first quarter at a robust 10.6%. This quarter’s results followed a common pattern to much of 2023: large outperforming small and growth outperforming value. Energy was the best-performing sector while real estate investment trusts (REITs) were the only sector with negative returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Carillon Eagle Growth & Income Fund highlighted stocks like Amgen Inc. (NASDAQ:AMGN), in the first quarter 2024 investor letter. Amgen Inc. (NASDAQ:AMGN) discovers, develops, manufactures, and delivers human therapeutics. The one-month return of Amgen Inc. (NASDAQ:AMGN) was -3.44%, and its shares gained 35.46% of their value over the last 52 weeks. On June 10, 2024, Amgen Inc. (NASDAQ:AMGN) stock closed at $300.70 per share with a market capitalization of $161.306 billion.

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.”

A pharmacist filling a prescription for a complex drug developed by the company.

Amgen Inc. (NASDAQ:AMGN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Amgen Inc. (NASDAQ:AMGN) at the end of the first quarter which was 69 in the previous quarter. Amgen Inc. (NASDAQ:AMGN) reported $7.4 billion in total revenue in the first quarter, up 22% year-over-year. While we acknowledge the potential of Amgen Inc. (NASDAQ:AMGN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Amgen Inc. (NASDAQ:AMGN) and shared the list of top dividend stocks to buy in 2024 according to billionaire Paul Tudor Jones. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.