ClearBridge Investments: “We Remain Positive on Amgen (AMGN)”

ClearBridge Investments, an investment management firm, published its “Sustainability Leaders Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Sustainability Leaders Strategy outperformed its Russell 3000 Index benchmark during the third quarter. On an absolute basis, the Strategy had gains in six of 10 sectors in which it was invested (out of 11 sectors total). You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

ClearBridge Sustainability Leaders Strategy, in its Q3 2021 investor letter, mentioned Amgen, Inc. (NASDAQ: AMGN) and discussed its stance on the firm. Amgen, Inc. is a Thousand Oaks, California-based biotechnology company with a $127.6 billion market capitalization. AMGN delivered a 0.76% return since the beginning of the year, while its 12-month returns are down by 0.01%. The stock closed at $226.69 per share on January 03, 2022

Here is what ClearBridge Sustainability Leaders Strategy has to say about Amgen, Inc.  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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Based on our calculations, Amgen, Inc. (NASDAQ: AMGN) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. AMGN was in 52 hedge fund portfolios at the end of the third quarter of 2021, compared to 53 funds in the previous quarter. Amgen, Inc. (NASDAQ: AMGN) delivered a 7.21% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on AMGN in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

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