Goldman Sachs’ List Of Stocks Popular With Mutual Fund Managers: Top 20 Stocks

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

Number of  Mutual Funds: 17

Number of Hedge Fund Investors in Q2 2024: 62

Gilead Sciences, Inc. (NASDAQ:GILD) is a diversified drug manufacturer and pharmaceutical company. Its products help patients with AIDS, hepatitis, fungal infections, hypertension, and other ailments. Gilead Sciences, Inc. (NASDAQ:GILD) has sizeable resources at its disposal, as evident through its cash and equivalents of $3.7 billion. These allow the firm to operate on the dual operating fronts that are key for any pharma company’s hypothesis. The first of these fronts is generating revenue through existing products. Gilead Sciences, Inc. (NASDAQ:GILD)’s HIV/AIDS treatment Biktarvy is the talk of the town, and it generated $3.2 billion in Q2 2024 sales. Another HIV treatment Descovy generated $485 million in sales during the same period, and together, the pair accounted for 53.6% of Gilead Sciences, Inc. (NASDAQ:GILD)’s $6.9 billion in revenue. On the second front, the firm is currently developing lenacapavir for HIV, seladelpar for cholangitis, trodelvy for lung cancer, and domvanalimab for gastrointestinal cancers. Consequently, Gilead Sciences, Inc. (NASDAQ:GILD)’s performance in these trials will determine its share price movements, and growth in HIV market penetration can create tailwinds.

Parnassus Investments mentioned Gilead Sciences, Inc. (NASDAQ:GILD) in its Q1 2024 investor letter. Here is what the fund said:

“Gilead Sciences, a global biopharmaceutical company, saw its shares decline as a cancer drug failed to expand into additional lung indications, denting investor faith in the company’s oncology franchise. We maintain confidence in Gilead’s core HIV franchise and ability to expand into cancer treatment portfolios.”