Shares of an American company achieved best daily performance in 15 years… due to an anti-obesity drug

Shares of the American pharmaceutical company Amgen rose by about 12% during Friday’s trading session, which put the company on the path to achieving its best daily movement in about 15 years.

According to CNBC, the rise in stocks came on the back of strong quarterly results, in addition to the revelation that clinical trials were being conducted in the third phase of an anti-obesity drug.

If the company’s shares close the session at these levels, the stock will have recorded its best day since July 8, 2009, when shares jumped by approximately 14%.

The announcement of positive results regarding the company’s anti-obesity drug increased investors’ concerns about new competition in the rapidly growing weight-loss drug industry, which led to a decline in the shares of Novo Nordisk and Eli Lilly during Friday’s session by more than 1% and about 3%, respectively.

During a first-quarter earnings call Thursday, May 2, Amgen CEO Bob Bradway said he was “very encouraged” by early results from a mid-stage study of the company’s obesity injection, MariTide.

Investors are focused on this drug and the rest of Amgen’s weight-loss drug pipeline, as it competes with several other drug makers to join the booming market.

The company is confident in MariTide injections and believes they will address important unmet medical needs, Bradway said during the call.