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Headline : Amgen stock soars on weight loss injection progress as Novo Nordisk, Eli Lilly shares slide

Read more from the original article on here at www.cnbc.com.





Tags : #amgen #stock #soars #weight #loss #injection #progress #novo #nordisk #eli #lilly #shares #slide


No. of Paragraph 21

Amgen's stock rose more than 12% on Friday after the drugmaker teased positive initial data on its experimental weight loss injection. 

That fueled investor concerns about new competition in the rapidly growing weight loss drug industry, sending shares of the current obesity players, Novo Nordisk and Eli Lilly, lower on Friday. Eli Lilly shares dropped nearly 3%, while Novo Nordisk's U.S.-traded shares fell more than 1%.

Novo Nordisk's stock was already under pressure on Thursday after sales of its blockbuster weight loss injection Wegovy missed analysts' estimates for the first quarter due to lower pricing. 

During a first-quarter earnings call Thursday, Amgen's CEO Bob Bradway said he was "very encouraged" by early results from a mid-stage study on the company's obesity injection, MariTide. Investors have been laser-focused on that drug and the rest of Amgen's weight loss drug pipeline as it races several other drugmakers to join the booming market. 

Read more from the original article on here at www.cnbc.com.


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