Yahoo Finance Should You Hold Gilead Sciences (GILD)?
Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Fund (Investor Shares) appreciated 10.17% outperforming the Russell 1000 Value Index’s 8.99%. Stock selection in the Information Technology and Communication Services sectors was the main contributor to the fund’s performance in the first quarter. Overweight in Financials and underweight in Real Estate also contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Value Equity Fund highlighted stocks like Gilead Sciences, Inc. (NASDAQ:GILD), in the first quarter 2024 investor letter. Gilead Sciences, Inc. (NASDAQ:GILD) is a biopharmaceutical company. The one-month return of Gilead Sciences, Inc. (NASDAQ:GILD) was 8.17%, and its shares lost 10.57% of their value over the last 52 weeks. On June 28, 2024, Gilead Sciences, Inc. (NASDAQ:GILD) stock closed at $68.61 per share with a market capitalization of $85.478 billion.
Parnassus Value Equity Fund stated the following regarding Gilead Sciences, Inc. (NASDAQ:GILD) in its first quarter 2024 investor letter:
"Gilead Sciences, Inc. (NASDAQ:GILD), 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."
A physician and a patient having a discussion in a hospital about biopharmaceutical medicines.
Gilead Sciences, Inc. (NASDAQ:GILD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Gilead Sciences, Inc. (NASDAQ:GILD) at the end of the first quarter which was 55 in the previous quarter. In the first quarter, Gilead Sciences, Inc.'s (NASDAQ:GILD) total product sales rose by 6% to $6.1 billion due to increased demand across HIV, oncology, and liver disease. While we acknowledge the potential of Gilead Sciences, Inc. (NASDAQ:GILD) as an investment, our conviction lies in the belief that 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 NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed Gilead Sciences, Inc. (NASDAQ:GILD) in another article and shared the list of best gene therapy stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
