Gilead Sciences, Inc. $GILD Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Gilead Sciences position by 31.8%, selling 727,434 shares and retaining 1.56 million shares valued at approximately $232.6 million. Institutional investors still own 83.67% of the company.
• Analysts remain broadly positive, with 23 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $159.33. Gilead shares opened at $157.37, near their 12-month high of $160.51.
• Gilead beat quarterly EPS and revenue expectations and continues to pay a quarterly dividend of $0.82 per share, while its collaboration with Vir Biotechnology expands its early-stage oncology pipeline but carries clinical and regulatory-development risk.

Assenagon Asset Management S.A. lowered its position in Gilead Sciences, Inc. (NASDAQ:GILD - Free Report) by 31.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,560,454 shares of the biopharmaceutical company's stock after selling 727,434 shares during the period. Assenagon Asset Management S.A. owned 0.13% of Gilead Sciences worth $232,586,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Gilead Sciences in the second quarter worth $15,393,785,000. State Street Corp lifted its position in shares of Gilead Sciences by 2.3% in the second quarter. State Street Corp now owns 61,216,552 shares of the biopharmaceutical company's stock worth $7,734,099,000 after buying an additional 1,357,967 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Gilead Sciences by 2.9% during the 4th quarter. Invesco Ltd. now owns 15,584,341 shares of the biopharmaceutical company's stock worth $1,912,822,000 after acquiring an additional 444,660 shares in the last quarter. Amundi boosted its stake in shares of Gilead Sciences by 10.7% during the 1st quarter. Amundi now owns 10,539,111 shares of the biopharmaceutical company's stock worth $1,468,836,000 after acquiring an additional 1,018,976 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Gilead Sciences during the 2nd quarter worth about $1,316,606,000. Institutional investors own 83.67% of the company's stock.

Analyst Ratings Changes

GILD has been the topic of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $155.00 target price on shares of Gilead Sciences in a report on Thursday, October 8th. Morgan Stanley cut their price target on Gilead Sciences from $165.00 to $163.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th. Weiss Ratings upgraded Gilead Sciences from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, September 14th. Bank of America reaffirmed a "buy" rating and set a $164.00 target price on shares of Gilead Sciences in a research report on Monday. Finally, Wall Street Zen raised shares of Gilead Sciences from a "hold" rating to a "buy" rating in a report on Saturday, September 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Gilead Sciences has an average rating of "Moderate Buy" and a consensus price target of $159.33.

Insider Transactions at Gilead Sciences

In other Gilead Sciences news, insider Johanna Mercier sold 28,000 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $137.64, for a total transaction of $3,853,920.00. Following the sale, the insider owned 118,234 shares of the company's stock, valued at $16,273,727.76. This represents a 19.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Bluestone sold 5,000 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $145.02, for a total transaction of $725,100.00. Following the completion of the transaction, the director directly owned 10,066 shares of the company's stock, valued at approximately $1,459,771.32. This represents a 33.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 105,000 shares of company stock valued at $14,940,540. 0.30% of the stock is owned by company insiders.

Gilead Sciences Trading Up 2.5%

NASDAQ:GILD opened at $157.37 on Friday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. Gilead Sciences, Inc. has a 12-month low of $114.02 and a 12-month high of $160.51. The firm has a 50-day moving average price of $146.73 and a 200 day moving average price of $137.15.

Gilead Sciences (NASDAQ:GILD - Get Free Report) last issued its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($7.25) by $0.50. The business had revenue of $7.80 billion during the quarter, compared to analysts' expectations of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%. Gilead Sciences's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.01 EPS. Equities research analysts predict that Gilead Sciences, Inc. will post -0.47 earnings per share for the current year.

Gilead Sciences Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were given a dividend of $0.82 per share. The ex-dividend date was Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.1%. Gilead Sciences's dividend payout ratio (DPR) is -122.85%.

Key Headlines Impacting Gilead Sciences

Here are the key news stories impacting Gilead Sciences this week:

• Positive Sentiment: Expansion of solid-tumor oncology pipeline: Gilead agreed to collaborate with Vir Biotechnology on three novel, dual-masked PRO-XTEN® T-cell engagers targeting solid tumors. Gilead receives exclusive development and commercialization rights, giving it access to Vir’s immunology and antibody-engineering platform. The agreement could provide Vir with up to approximately $1.9 billion, including as much as $1.74 billion in milestone payments, if development and commercial targets are achieved. Gilead and Vir forge $1.9bn pact to develop next-gen T-cell engagers
• Positive Sentiment: Investor reaction and defensive-sector support: The Vir deal reinforces Gilead’s continuing investment in T-cell engagers and oncology, following its acquisition of Ouro Medicines. Separately, shares of major pharmaceutical companies, including Gilead, were near record levels as a technology-sector selloff encouraged investors to favor perceived defensive businesses. Can Gilead's Deal With VIR Boost Its Oncology Pipeline and Growth?
• Neutral Sentiment: Momentum and attention are elevated: Gilead cleared a prior February high and attracted increased attention from Zacks users. These signals may support near-term momentum, but they do not change the company’s underlying earnings outlook. Gilead Sciences Clears Its February High
• Negative Sentiment: Development risk remains: The oncology programs are early-stage assets, so milestone-based economics depend on successful clinical development, regulatory approval and eventual commercialization. Analysts also have mixed views on Gilead, limiting the strength of the bullish signal. Analysts Have Conflicting Sentiments on Gilead Sciences

Gilead Sciences Company Profile

Gilead Sciences, Inc NASDAQ: GILD is a biopharmaceutical company that discovers, develops and commercializes medicines for serious and life-threatening diseases. Its research and commercial activities focus primarily on virology, including HIV, hepatitis B and hepatitis C, as well as oncology, inflammation and other areas of significant unmet medical need.

Gilead's portfolio includes HIV treatments such as Biktarvy, Descovy, Genvoya and Sunlenca; hepatitis therapies including Epclusa, Harvoni and Vemlidy; and Veklury (remdesivir), an antiviral used to treat COVID-19 in certain patients.

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