Billionaire Steve Cohen’s Top 15 Stock Picks

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11. Gilead Sciences, Inc. (NASDAQ:GILD)

Number of Hedge Fund Holders: 59 

Point72 Asset Management’s Stake: $193.2 million  

Gilead Sciences, Inc. (NASDAQ:GILD) is a California-based biotechnology company founded in 1987. The following features make this company a strong investment case. Firstly, the report for the third quarter of 2024 indicates the company’s success in expanding its product offerings and capturing demand in critical healthcare segments, which may attract investment. For instance, as per the report,  product sales increased 7% to $7.5 billion compared to the same period in 2023 and total third-quarter 2024 product sales, excluding Veklury, increased 7% to $6.8 billion compared to the same period in 2023, primarily due to higher sales in HIV as well as in Oncology and Liver Disease. Secondly, the company presented the results of the pivotal Phase 3 PURPOSE 2 trial, which is studying twice-yearly lenacapavir, the company’s injectable HIV-1 capsid inhibitor, for the investigational use of HIV prevention. This may attract investment as it holds the potential to increase revenue streams, estimated to be over $10 billion. Moreover, the company is also advancing its oncology pipeline, including therapies for multiple myeloma and breast cancer.

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