5 Best Diabetes Stocks to Buy Now

In this article, we shall discuss the 5 best diabetes stocks to buy now. To read our detailed analysis of the global diabetes drugs industry in 2023, go directly and see 12 Best Diabetes Stocks to Buy Now.

5. Amgen Inc. (NASDAQ:AMGN)

Hedge Fund Holdings: 60 

Based in Thousand Oaks, California, Amgen Inc. (NASDAQ:AMGN) is an American multinational biopharmaceutical company and is widely regarded as one of the largest independent biotechnology companies in the world by market cap. As of Q3 2023, investor interest around Amgen Inc. (NASDAQ:AMGN) skyrocketed, with more than 60 hedge funds long the stock. This was up from 57 funds in the preceding quarter. In Q3 2023, the company beat EPS estimates of $4.67 by $0.29, generating earnings of $4.96 per share.

On November 2, Truist Securities upgraded Amgen Inc. (NASDAQ:AMGN) to Buy from Hold, and maintained the price target at $320. According to the analyst, the company’s Q3 2023 financial results showed increased total revenues and product sales, largely catalyzed by substantial volume growth and a robust presence in international markets. This strong growth in revenue, coupled with a strategic positioning the market, strongly hints at enhanced profitability in the near-term. Furthermore, Amgen’s (NASDAQ:AMGN) share price has largely demonstrated an upward trend, periodically upheld by robust fundamentals and tactical acquisitions. Moreover, the company’s acquisition of Horizon Therapeutics for $27.8 billion in October further lent credibility to its inflammation portfolio and built on its international presence.