Amgen Is Working On a Wegovy Competitor -- What It Means for Investors
It's a race to the riches in the anti-obesity drug market. This therapeutic area is projected to grow exponentially in the coming years. Novo Nordisk is one of the clear market leaders -- for now -- thanks to its now-famous therapy, Wegovy. However, several companies have promising pipeline candidates they hope will eventually challenge Wegovy.
One of them is (NASDAQ: AMGN), one of the largest biotechs in the world. Amgen recently announced some news regarding its weight-loss pipeline, including the leading candidate therein. Let's find out what investors should make of these developments.
Amgen has talked about two notable weight-loss candidates in recent quarters. One of them is MariTide, which is currently in a phase 2 study. The other, AMG786, was undergoing a phase 1 clinical trial. During its first-quarter earnings conference call, Amgen said it would no longer pursue the development of AMG786. That's a bit of a setback for the drugmaker, but it is still going after the more promising of the two, MariTide.
Source Fool.com
Amgen Inc. Stock
The stock is an absolute favorite of our community with 25 Buy predictions and no Sell predictions.
With a target price of 296 € there is a slightly positive potential of 5.04% for Amgen Inc. compared to the current price of 281.8 €.
