Australian Billionaire Kerr Neilson is Selling These 5 Stocks

1. Amgen Inc. (NASDAQ:AMGN)

Number of Hedge Fund Holders: 55

Amgen Inc. (NASDAQ:AMGN) is a Thousand Oaks, California-based biotech company.

Since 2018, the bottom line of Amgen Inc. (NASDAQ:AMGN) has stagnated, and there have been concerns related to the revenue growth of some of its leading drugs. Furthermore, experts believe that significant buybacks and increases in dividends are hurting the financial structure of Amgen Inc. (NASDAQ:AMGN). Concerns have also been raised regarding the company’s $4 billion cash acquisition of ChemoCentryx as its leading drug Enbrel is seeing a decline in YoY sales despite having patent protection for the next six to seven years. This is because Humira, which is a competitor product by AbbVie, is gaining market share.

Here’s what ClearBridge Sustainability Leaders Strategy said about Amgen Inc. (NASDAQ:AMGN) in its Q3 2021 investor letter:

“In health care, Amgen, a biotechnology company, has endured several pipeline setbacks recently, including a slow transition of its Lumakras treatment into first-line lung cancer, a slower than expected development of its treatment for myeloma as well as the company’s asthma treatment Tezepelumab missing its primary endpoint in a Phase III study. We remain positive on the stock, with Amgen’s investments in biosimilars and its pipeline part of our long-term thesis.”

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