If you want an investment play on diabetes you might look at Amylin (NASDAQ: AMLN).

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Upside is possible for Gilead, Genentech and Amylin Pharmaceuticals (nasdaq: AMLN - news - people ).

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Amylin Pharmaceuticals (AMLN), Xoma (XOMA) and Jazz Pharmaceuticals (JAZZ) are among companies selling stock to raise cash in recent weeks.

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Two weeks ago, for instance, Bristol Myers Squibb acquired Amylin Pharmaceuticals (NASDAQ:AMLN), which has won approval for two diabetes drugs, BYETTA and SYMLIN.

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Amylin Pharmaceuticals (nasdaq: AMLN - news - people ) is in phase III trials of Exenatide, a drug that promises to treat Type 2 diabetes.

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Although biotechs like Amylin (nasdaq: AMLN - news - people ) are looking for better diabetes medicines, insulin is likely to remain one of the best ways to treat both adult and childhood diabetes.

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Byetta, the successful diabetes injection from Eli Lilly (nyse: LLY - news - people ) and Amylin (nasdaq: AMLN - news - people ), is a synthetic version of one of these hormones.

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Among the largest underlying components of XBI, in trading today Dendreon Corp ( NASD: DNDN) is down about 2.9%, Regeneron Pharmaceuticals, Inc. ( NASD: REGN) is off about 0.1%, and Amylin Pharmaceuticals, Inc. ( NASD: AMLN) is lower by about 1.9%.

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Among the largest underlying components of XBI, in trading today Regeneron Pharmaceuticals, Inc. ( NASD: REGN) is up about 2.6%, Amylin Pharmaceuticals, Inc. ( NASD: AMLN) is up about 0.7%, and Medivation Inc ( NASD: MDVN) is lower by about 0.5%.

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