Oversold shares of Amgen (AMGN) could see a boost this week.
All on the news it wants to get in on the booming weight loss drug market.
As noted by CNBC, “The biotech company is testing an injectable treatment that helps people lose weight differently from the existing injections from Novo Nordisk and Eli Lilly, and other obesity medicines in development. Amgen’s treatment, called MariTide, also appears to help patients keep weight off after they stop taking it. The drug maker is also testing its drug to be taken once a month or even less frequently, which could offer more convenience than the weekly medicines on the market.”
With that, the oversold stock may be a solid long term bet on the growing obesity drug market.
In addition, as noted by TheFly.com, “Goldman Sachs upgraded Amgen to Conviction Buy from Buy with a $350 price target.”
