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

Amgen's stock surged over 12% after announcing promising initial data on its weight loss injection, MariTide, potentially reshaping the competitive landscape in the obesity treatment market. This news negatively impacted shares of Novo Nordisk and Eli Lilly, with their stocks falling due to fears of heightened competition. Novo Nordisk was already facing challenges as its weight loss injection Wegovy underperformed in sales, missing analysts' estimates for the first quarter.