Cathie Wooden-run Ark Make investments on Friday picked up shares of a biopharma firm after it revealed vital progress with it weight-loss drug candidate.
What Occurred: Ark, via its ARK Genomic Revolution ETF ARKG, purchased 11,360 shares of Amgen, Inc. AMGN, which rallied practically 12% on Friday. The acquisition would have been price $3.54 million.
Following Friday’s buy, Amgen’s weighting in ARKG stood at 1.06%, attributed to the 51,712 shares held by the exchange-traded fund.
See Additionally: Finest ETFs To Purchase Proper Now
Why It’s Vital: Amgen reported a double beat Thursday after the market shut and supplied an replace on its weight problems drug pipeline. Whereas pulling the plug on an early-stage oral weight problems drug, codenamed “AMG 786,” the corporate stated it was “differentially investing” in MariTide and plenty of preclinical property.
MariTide, previously AMG 133, is an injectable type of a drug focusing on two intestine hormones — gastric inhibitory polypeptide receptor, or GIP, and glucagon-like peptide 1, or GLP-1. It’s at present being evaluated in a Part 2 weight problems trial.
“We’re seeing a differentiated profile of MariTide and are assured that it’s going to deal with vital unmet medical wants, weight problems, obesity-related situations, and diabetes,” stated Chief Scientific Officer Jay Bradner.
The highest-line 52-week knowledge from the 11-arm Part 2 research is on monitor for a readout in late 2024, the corporate stated.
The burden-loss drug market is estimated at a staggering $100 billion, with Novo Nordisk and Eli Lilly at present dominating the phase.
ARKG closed Friday’s session up 3.51% at $25.04, based on Benzinga Pro data.
Learn Subsequent: Cathie Wooden’s Ark Goes Chip-Inventory Buying Forward Of AMD Earnings, Provides Extra Of Warren Buffett-Backed Chinese language EV Play
Picture: Shutterstock
