Investors Pile Into Amgen in Search of Next Obesity Drug Payout

Investors who may have missed out on the blistering rally in Eli Lilly & Co. and Novo Nordisk A/S are once again taking a chance with Amgen Inc.

The shares surged 12% Friday, the biggest one-day jump for Amgen in nearly 15 years, fueled by fresh optimism about the company’s future in the lucrative market for weight-loss drugs after upbeat commentary from the chief executive officer.

Although it could take years for a drug to come to market, investors who are looking for new ways trade into the hype are betting that the Amgen’s anti-obesity entrant, MariTide, could compete against ...