In this article, we will be taking a look at the 10 Best Weight Loss Drug Stocks to Buy in 2026.
The anti-obesity drug (AOM) market in the United States is rapidly changing structurally. The global GLP-1 market, which is largely anchored by the US, expanded to $79 billion in 2025 due to macroeconomic demand and rapid clinical evolution. Morgan Stanley projects that this market will surpass $190 billion by 2035, with optimistic projections reaching $240 billion.
The introduction of the first approved oral GLP-1 for obesity, the Wegovy pill, in the US in January 2026 marked the largest structural change. In the first eight weeks, it recorded about one-third of new-to-brand prescriptions. Importantly, two-thirds of these consumers are completely unfamiliar with GLP-1 medication, demonstrating that oral delivery does not cannibalize current injectables but rather increases the total potential market.
The federal government is directly negotiating with manufacturers to cap Medicare/Medicaid patients’ out-of-pocket expenses for weight-loss medications at $50 per month under a new initiative known as the BALANCE program, which is a major volume driver. Concurrently, commercial coverage is returning to normal; by 2027, 65% of corporate employers are expected to give GLP-1 benefits, up from 48% in 2025.
Regulators and the Department of Justice are actively tightening restrictions on unapproved compounded formulations, a move expected to redirect significant market share back to branded pharmaceuticals.
A duopoly is quickly giving way to high-stakes diversification in the industry. Next-generation assets, including Novo Nordisk’s CagriSema and Eli Lilly’s Orforglipron, are seeing significant investment following a dramatic $10 billion bidding war in which Pfizer purchased Metsera’s metabolic portfolio.
With clinical efficacy expanding into heart failure, kidney disease, and metabolic comorbidities, obesity drugs have solidified their position as the single highest-growth therapeutic class in biotech history.
With that said, let’s now take a look at the best weight loss drugs.
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Our Methodology
For our methodology, we manually selected the top weight loss drug stocks from various ETFs. We then further narrowed the list by focusing on companies with the most recent news and developments. Finally, we ranked the stocks in ascending order based on the number of hedge fund holders as of Q1 2026, according to Insider Monkey’s database.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
Here is our list of the 10 best weight loss drug stocks to buy in 2026.
10. Altimmune, Inc. (NASDAQ:ALT)
Number of Hedge Fund Holders: 23
Altimmune, Inc. (NASDAQ:ALT) is one of the best weight loss drugs on this list.
TheFly reported on May 18 that H.C. Wainwright reiterated its Buy rating on ALT while reducing its price objective from $25 to $20. The adjustment was attributed to dilution resulting from the company’s recent equity offerings, although the firm viewed the strengthened funding position and continued advancement of the MASH program as favorable developments.
Moreover, later on May 28, Altimmune, Inc. announced new 48-week results from its IMPACT Phase 2b trial evaluating pemvidutide in patients with metabolic dysfunction-associated steatohepatitis (MASH). The data showed that the investigational dual glucagon/GLP-1 receptor agonist significantly improved several cardiometabolic measures compared with placebo. Patients receiving the 1.8 mg dose experienced notable reductions in triglycerides and total cholesterol levels, along with continued weight loss, lower body mass index, reduced waist circumference, and improvements in both systolic and diastolic blood pressure.
The findings were presented at the European Association for the Study of the Liver (EASL) Congress 2026 in Barcelona. The Corporation also reported that pemvidutide maintained a favorable safety and tolerability profile through 48 weeks, with only a small percentage of patients discontinuing treatment due to adverse events. Previously disclosed trial data further demonstrated meaningful improvements in liver fibrosis and liver stiffness measures among patients treated with pemvidutide compared with those receiving placebo.
Altimmune, Inc. is a clinical-stage biopharmaceutical company developing pemvidutide, a dual GLP-1/glucagon receptor agonist for metabolic and liver diseases.
9. GSK plc (NYSE:GSK)
Number of Hedge Fund Holders: 31
GSK plc (NYSE:GSK) is one of the best weight loss drugs on this list.
TheFly reported on June 17 that GSK and Spero Therapeutics announced that the U.S. Food and Drug Administration approved Utebzi for the treatment of complicated urinary tract infections, including pyelonephritis, in adult patients with limited oral treatment alternatives. The approval marked the first oral carbapenem antibiotic authorized for this patient population. The companies noted that the drug was developed through their licensing and collaboration agreement and expect it to become available in the United States by the end of 2026. The approval also strengthened GSK’s expanding anti-infectives portfolio and highlighted the progress of its partnership with Spero Therapeutics.
Additionally, earlier on June 12, GSK plc (NYSE:GSK) announced that momelotinib, a JAK inhibitor marketed as Ojjaara/Omjjara, received Orphan Drug Designation from both the U.S. Food and Drug Administration and the European Medicines Agency for the treatment of VEXAS syndrome. The designation supports the development of the therapy for a rare and progressive blood disorder associated with significant rheumatologic and hematologic complications. The condition currently lacks approved treatment options and is linked to a high mortality rate, underscoring the unmet medical need in this patient population.
GSK plc (NYSE:GSK) is a global biopharmaceutical company expanding into obesity and metabolic disease research. Its pipeline focuses on obesity-related conditions, including MASH, while leveraging acquisitions and drug development efforts to explore next-generation weight-loss therapies.
8. Hims & Hers Health, Inc. (NYSE:HIMS)
Number of Hedge Fund Holders: 43
Hims & Hers Health, Inc. is one of the best weight loss drugs on this list.
TheFly reported on June 17 that Barclays maintained its Overweight rating on HIMS while increasing its price target to $39.00 from $29.00. The firm highlighted that growth in weight-loss offerings, along with contributions from other business areas, is expected to drive stronger revenue and EBITDA momentum in the second half of 2026. Barclays also noted that the stock could see further upside as investors gain greater confidence in the company’s future growth trajectory, with its data indicating improving trends following the partnership announcement with Novo Nordisk.
Separately, on June 2, Hims & Hers Health, Inc. announced the completion of its acquisition of Eucalyptus, strengthening its global consumer healthcare platform. The acquisition expands HIMS’ reach across key markets, including the United States, the United Kingdom, Australia, and Canada, while supporting further international growth. By combining Eucalyptus’ digital health expertise and regional capabilities with HIMS’ technology platform, the company aims to provide more personalized and accessible healthcare solutions worldwide. The transaction enhances the company’s global presence and supports its long-term growth strategy focused on expanding its healthcare ecosystem, improving customer access, and delivering personalized care at scale.
Hims & Hers Health, Inc. is a telehealth company providing digital healthcare services, including weight management treatments. After offering compounded GLP-1 alternatives, it shifted toward branded weight-loss medications through partnerships with major pharmaceutical companies, building a broader metabolic health platform.
7. Teva Pharmaceutical Industries Limited (NYSE:TEVA)
Number of Hedge Fund Holders: 52
Teva Pharmaceutical Industries Limited (NYSE:TEVA) is one of the best weight loss drugs on this list.
TheFly reported on June 8 that TEVA announced new clinical and real-world findings supporting the use of Austedo and Austedo XR in patients with tardive dyskinesia. Results from the IMPACT-TD study showed that patients with mild symptoms experienced improvements in involuntary movements and daily functioning after treatment. The company also reported updated data from the ongoing three-year RIM-TD study, where more than half of participants achieved a treatment response by week 15, while additional patients showed benefits with continued therapy beyond that period. The findings highlighted the potential value of long-term treatment and reinforced Teva’s efforts to improve disease management and outcomes for individuals living with tardive dyskinesia.
Second, it was announced on June 4 that Teva Pharmaceutical Industries Limited expanded its footprint in international markets through the European rollout of AHZANTIVE, an aflibercept biosimilar. The launch began across several countries, including France, Germany, Spain, and the Netherlands, with additional market entries planned later in the year. The product broadens TEVA’s biosimilars portfolio and strengthens its position in ophthalmology. Approved for multiple retinal disorders, AHZANTIVE offers an additional treatment option for patients with vision-threatening conditions. The launch also reflects TEVA’s strategy of increasing access to biologic medicines through partnerships, commercial expansion, and a growing biosimilars business.
Teva Pharmaceutical Industries Limited is a global pharmaceutical company advancing its growth strategy through generic GLP-1 treatments. By launching generic versions of liraglutide-based weight-loss and diabetes drugs, Teva aims to improve affordability and access in the growing obesity treatment market.
6. Novo Nordisk A/S (NYSE:NVO)
Number of Hedge Fund Holders: 55
Novo Nordisk A/S (NYSE:NVO) is one of the best weight loss drugs on this list.
TheFly reported on June 16 that Berenberg increased its price target for NVO shares to DKK 325 from DKK 300 while maintaining its Buy rating on the stock.
Separately, on June 11, Novo Nordisk A/S announced that the Medicines and Healthcare products Regulatory Agency (MHRA) approved the oral version of Wegovy for weight management in adults living with obesity or overweight individuals with at least one related health condition. The approval allows the Wegovy pill to be used alongside a reduced-calorie diet and increased physical activity, providing a new non-injectable option for patients seeking weight-loss treatment.
The daily oral glucagon-like peptide-1 (GLP-1) receptor agonist represents an alternative to injectable therapies currently used for obesity management. The MHRA decision was supported by results from the OASIS 4 Phase 3 clinical trial, which evaluated the effectiveness of the treatment. The approval expands NVO’s obesity treatment portfolio and introduces a more convenient delivery method for eligible patients.
Novo Nordisk A/S is a leader in the obesity treatment market, pioneering GLP-1 weight-loss drugs. Its portfolio includes Wegovy, oral semaglutide, and Ozempic, targeting obesity and cardiometabolic health while driving major growth in the global weight-management industry.
5. AstraZeneca PLC (NYSE:AZN)
Number of Hedge Fund Holders: 56
AstraZeneca PLC (NYSE:AZN) is one of the best weight loss drugs on this list.
TheFly reported on June 15 that AZN announced that its supplemental Biologics License Application (sBLA) for Ultomiris (ravulizumab) was accepted and granted Priority Review by the U.S. Food and Drug Administration (FDA). The application seeks approval for the treatment of adults with immunoglobulin A nephropathy (IgAN), a rare kidney disorder. The FDA’s Priority Review designation is given to therapies that have the potential to provide meaningful improvements in treatment options through benefits such as improved safety, effectiveness, or patient care. The FDA’s final decision on the application is expected in the fourth quarter of 2026.
This regulatory milestone closely follows another major commercial victory for the company’s oncology franchise. On June 12, AstraZeneca PLC announced that the U.S. Food and Drug Administration approved Truqap (capivasertib) in combination with abiraterone and prednisone for the treatment of adults with PTEN-deficient metastatic prostate cancer. The approval applies to patients with metastatic androgen pathway modulation-naive or sensitive disease, identified through an FDA-authorized diagnostic test. The decision positions Truqap as a targeted treatment option for this specific patient population and expands AstraZeneca’s oncology portfolio with a new approach for managing advanced prostate cancer.
AstraZeneca PLC is a global biopharma company and is expanding into the obesity market with next-generation weight-loss therapies, including oral GLP-1 drugs and monthly injectables. The company aims to compete with market leaders while combining obesity treatments with its strong cardiovascular and metabolic disease portfolio.
4. Amgen Inc. (NASDAQ:AMGN)
Number of Hedge Fund Holders: 65
Amgen Inc. (NASDAQ:AMGN) is one of the best weight loss drugs on this list.
TheFly reported on June 16 that Mizuho analyst Salim Syed increased the price target for AMGN to $303 from $295 while maintaining a Neutral rating on the shares. The adjustment followed an update to the firm’s valuation model after reviewing AMGN’s first quarter results.
In separate news, on June 7, Amgen Inc. presented new clinical findings at the American Diabetes Association (ADA) 86th Scientific Sessions, highlighting its efforts to address cardiovascular risks among people with cardiometabolic conditions. The company shared Phase 3 VESALIUS-CV subgroup data evaluating Repatha in 6,002 high-risk diabetes patients with elevated LDL-C levels who had not previously experienced a heart attack or stroke.
The analysis showed that Repatha, used alongside statins or other LDL-C-lowering treatments, lowered the likelihood of major cardiovascular events, including coronary heart disease death, heart attack, or ischemic stroke, by 29% compared with placebo. The treatment also demonstrated a 21% reduction in a broader cardiovascular outcome that included ischemia-related revascularization. Patients receiving Repatha achieved a median LDL-C level of 45 mg/dL, compared with 106 mg/dL among those receiving placebo.
Amgen Inc. is a global biotech company gaining investor attention in the weight-loss market through MariTide, an experimental obesity drug in Phase 3 trials. With potential monthly dosing and strong weight-loss results, MariTide could become a major competitor in the growing obesity treatment space.
3. Merck & Co., Inc. (NYSE:MRK)
Number of Hedge Fund Holders: 98
Merck & Co., Inc. is one of the best weight loss drugs on this list.
TheFly reported on June 18 that MRK announced that the U.S. Food and Drug Administration (FDA) granted an expanded approval for Capvaxive, extending its use to children and adolescents between 2 and 17 years old. The updated indication applies to pediatric patients who have completed their initial pneumococcal vaccination series and have chronic health conditions that increase their vulnerability to pneumococcal disease. With this authorization, Capvaxive becomes the only pneumococcal conjugate vaccine (PCV) in the United States specifically evaluated and approved for this patient group.
In another major operational breakthrough, on June 12, Merck & Co., Inc. announced that the U.S. Food and Drug Administration (FDA) approved KEYTRUDA and KEYTRUDA QLEX, its anti-PD-1 therapies, in combination with WELIREG for the adjuvant treatment of adults with clear cell renal cell carcinoma (ccRCC) at an increased risk of recurrence after surgery. The approval marks the first use of WELIREG in earlier-stage ccRCC and the first authorization of a PD-1 and HIF-2α inhibitor combination therapy. The decision was supported by results from the Phase 3 LITESPARK-022 trial, which showed the combination reduced the risk of recurrence, metastasis, or death by 28% compared with KEYTRUDA plus placebo in eligible patients.
Merck & Co., Inc. is a global healthcare company expanding its obesity pipeline through early-stage GLP-1 and dual agonist therapies. While it lacks a marketed weight-loss drug, its metabolic research and strong pharmaceutical portfolio make it a potential long-term obesity market contender.
2. Thermo Fisher Scientific Inc. (NYSE:TMO)
Number of Hedge Fund Holders: 115
Thermo Fisher Scientific Inc. (NYSE:TMO) is one of the best weight loss drugs on this list.
TheFly reported on June 1 that Wolfe Research analyst Mike Polark initiated coverage of TMO with an Outperform rating and set a $535 price target. The firm highlighted TMO’s strong position in the life sciences tools and diagnostics industry, describing the company as a key player in the sector. Wolfe Research also noted its positive view of Thermo Fisher’s business strategy, particularly its history of expanding through acquisitions.
Moreover, on June 1, Thermo Fisher Scientific Inc. announced that it introduced new advancements across its Orbitrap mass spectrometry platform, AI-powered software, and integrated laboratory solutions. The company expanded its technology portfolio to support researchers, biopharmaceutical developers, and applied testing laboratories dealing with increasingly complex samples and larger data volumes.
TMO’s latest innovations combine high-resolution, accurate-mass capabilities with connected workflows to improve scientific analysis, accelerate drug discovery, and enhance testing accuracy in areas such as food, environmental, and biological research. The company showcased new Orbitrap systems, software enhancements, and analytical tools designed to provide faster insights and more reliable results across multiple scientific applications.
Thermo Fisher Scientific Inc. is a life sciences company benefiting from the growth of weight-loss drugs by supplying biopharma services, manufacturing support, and key components needed to scale production of GLP-1 therapies. It provides indirect exposure to the obesity market.
1. Eli Lilly and Company (NYSE:LLY)
Number of Hedge Fund Holders: 132
Eli Lilly and Company (NYSE:LLY) is one of the best weight loss drugs on this list.
TheFly reported on June 16 that LLY completed the acquisition of 4E Therapeutics, a neuroscience biotechnology company based in Austin, Texas. The acquired firm is focused on developing oral MNK inhibitor therapies for chronic pain and is advancing a pipeline aimed at modulating the MNK-eIF4E signaling pathway in peripheral sensory neurons. Through the transaction, LLY expands its presence in neuroscience and pain management research. Financial details of the acquisition were not disclosed by the companies.
Separately, on June 14, Eli Lilly and Company reported positive results from the Phase 3 BRUIN CLL-322 study evaluating Jaypirca (pirtobrutinib) in combination with venetoclax and rituximab for patients with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). The trial achieved its primary goal, showing that the addition of Jaypirca to a two-year venetoclax and rituximab treatment regimen lowered the risk of disease progression or death by 45% compared with venetoclax and rituximab alone. Data for overall survival, a major secondary endpoint, remain immature and will be assessed further in future analyses. The combination therapy also demonstrated an advantage in delaying the need for subsequent treatment, supporting its potential benefit in this patient population.
Eli Lilly and Company is a leading pharmaceutical company and a major player in the weight-loss market, driven by strong demand for its obesity and diabetes treatments, including Zepbound and Mounjaro.
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