1. Gilead Sciences, Inc. (NASDAQ:GILD)
Gilead Sciences, Inc. (NASDAQ:GILD) operates as a biopharmaceutical company that develops, discovers, and markets medicines. It offers Descovy, Truvada, Stribild, Biktarvy, Odefsey, Genvoya, Atripla, and Sunlencs products. The company collaborates with various companies including Dragonfly Therapeutics, Inc.; Merck Sharp & Dohme Corp., Janssen Sciences Ireland Unlimited Company; and Tentarix Biotherapeutics Inc. The company received a boost when Deutsche Bank upgraded the stock from Hold to Buy based on the company’s pipeline of HIV drugs. Earnings estimates were also increased from 2029 onwards.
GILD’s HIV treatment Biktarvy’s patent was supposed to expire after 2033. However, with its pipeline products, the company can now add approximately $19 billion to its revenues, significantly changing analyst projections. This optimism comes after the FDA put the company’s Lenacapavir treatment for HIV under priority review, setting a June 19 FDUFA date, which is essentially a deadline for the agency to approve or reject a new drug.
Deutsche Bank has accordingly upgraded the price target from $80 to $120, a significant 50% boost.
Gilead Sciences, Inc. (NASDAQ:GILD) is not on our latest list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held GILD at the end of the third quarter which was 62 in the previous quarter. While we acknowledge the potential of GILD as a leading AI investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as GILD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap
Disclosure: None. This article was originally published at Insider Monkey.
