Amgen Stock Adds Good Weight After CEO's Update On Experimental Drug Rivaling Ozempic, Nixing Oral Weight-Loss Candidate
Portfolio Pulse from Shanthi Rexaline
Amgen, Inc. (NASDAQ:AMGN) shares surged over 14% after hours following a positive update on its obesity drug pipeline, including the discontinuation of AMG 786 and promising Phase 2 results for MariTide. The company is focusing on MariTide, targeting GLP-1 and GIP receptors, with plans for a Phase 3 trial and a dedicated Phase 2 study for diabetes treatment. The weight-loss drug market, with competitors like Novo Nordisk's Wegovy and Eli Lilly's Zepbound, is estimated at $100 billion.
May 03, 2024 | 7:45 am
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Amgen's stock surged over 14% after a positive update on its obesity drug pipeline, including promising results for MariTide and discontinuation of AMG 786.
The positive update on Amgen's obesity drug pipeline, particularly the promising results from the MariTide Phase 2 trial and the strategic discontinuation of AMG 786, has significantly boosted investor confidence. The anticipation of entering a lucrative $100 billion weight-loss drug market, alongside successful competitors like Novo Nordisk and Eli Lilly, further contributes to the positive outlook for AMGN's stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100