ResMed’s fall from grace has been discussed a number of times by MM over recent weeks as the combination of Ozempic compounded by a disappointing result has seen the stock plunge -23% in 2023. The uncertainty that the weight loss drug (actually for diabetes) has created is weighed heavily on potentially impacted stocks, however, the sell-off could be interpreted as turning RMD into a cheap defensive depending on one’s view towards Ozempic & Co.’s ability to cure the global obesity problem – at MM we believe the markets significantly overcooked the silver bullet view on weight loss.
- No change, we believe the sell-off in RMD is overdone, but we aren’t planning to increase our position – MM owns RMD in our Active Growth Portfolio.
MM remains long and cautiously bullish toward RMD
Add To Hit List
