2024-07-06 08:31:00 ET
Summary
- Amgen investors have outperformed the S&P 500 easily since my last Buy rating in late 2021.
- AMGN stock has benefited from the obesity drug euphoria as AMGN's MariTide enters Phase III studies.
- Novo Nordisk and Eli Lilly are GLP-1 leaders and could stretch their leadership further.
- Despite that, Amgen's well-diversified portfolio and pipeline help mitigate downside risks if results disappoint.
- While AMGN remains a solid biotech prospect to buy on steep pullbacks, I argue why it's better to stay on the sidelines for now.
Amgen Inc. ( AMGN ) is a high-quality biotech company with a well-diversified portfolio. Amgen has a solid pipeline focusing on five key therapeutic areas: Cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases. I last covered AMGN stock with a Buy rating in December 2021. Since then, AMGN's spectacular performance has significantly outperformed the S&P 500 ( SPX ) ( SPY ). Accordingly, AMGN recorded a total return of almost 60% compared to the SPX's 18% gain....
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For further details see:
Amgen: Biotech Leader Riding High On Obesity Drug Euphoria (Downgrade)