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

Amgen’s stock surged on Friday as the drugmaker hinted at positive initial data for its experimental weight loss injection. This raised concerns among investors about new competition in the weight loss drug industry, leading to a decline in shares of Novo Nordisk and Eli Lilly. Novo Nordisk’s stock had already faced pressure due to sales of its blockbuster weight loss injection, Wegovy, falling short of analysts’ expectations in the first quarter.