6 Top Performing Technology Stocks That Can't Be Ignored

With innovations happening at the blink of an eye, it can be daunting to keep up with the latest tech trends. These are the hottest technology stocks at the moment, make sure you don't miss out!

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Cathie Wood's Ark Invest Snaps Up $3.54M Worth Of Shares In This Biopharma Company Following Positive Obesity Pipeline Update

Shanthi Rexaline
May 06, 2024

Cathie Wood-run Ark Invest on Friday picked up shares of a biopharma company after it revealed significant progress with its weight-loss drug candidate.

What Happened: Ark, through its ARK Genomic Revolution ETF (CBOE: ARKG), bought 11,360 shares of Amgen, Inc. (NASDAQ:AMGN), which rallied nearly 12% on Friday. The purchase would have been worth $3.54 million.

Following Friday’s purchase, Amgen’s weighting in ARKG stood at 1.06%, attributed to the 51,712 shares held by the exchange-traded fund.

See Also: Best ETFs To Buy Right Now

Why It’s Important: Amgen reported a double beat Thursday after the market close and offered an update on its obesity drug pipeline. While pulling the plug on an early-stage oral obesity drug, codenamed “AMG 786,” the company said it was “differentially investing” in MariTide and a number of preclinical assets.

MariTide, formerly AMG 133, is an injectable form of a drug targeting two gut hormones — gastric inhibitory polypeptide receptor, or GIP, and glucagon-like peptide 1, or GLP-1. It is currently being evaluated in a Phase 2 obesity trial.

“We're seeing a differentiated profile of MariTide and are confident that it will address important unmet medical needs, obesity, obesity-related conditions, and diabetes,” said Chief Scientific Officer Jay Bradner.

The top-line 52-week data from the 11-arm Phase 2 study is on track for a readout in late 2024, the company said.

The weight-loss drug market is estimated at a staggering $100 billion, with Novo Nordisk and Eli Lilly currently dominating the segment.

ARKG closed Friday’s session up 3.51% at $25.04, according to Benzinga Pro data.

Read Next: Cathie Wood’s Ark Goes Chip-Stock Shopping Ahead Of AMD Earnings, Adds More Of Warren Buffett-Backed Chinese EV Play

Photo: Shutterstock

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