In the latest transactions reported to the Securities and Exchange Commission, Merdad Parsey, Head Medicine (TASE:) CEO of Gilead Sciences, Inc. (NASDAQ: ), a popular biotech company with a market capitalization of $115 billion, has sold significant stocks. According to InvestingPro data, the stock has shown remarkable strength with a 47% gain over the past six months. On November 27, Parsey sold a total of 163,311 shares of Gilead common stock, for approximately $15.1 million. Shares traded at prices ranging from $91.7949 to $92.00 per share, near the stock’s 52-week high. InvestingPro’s analysis suggests that the stock is currently fairly valued, along with 12 exclusive insights available to subscribers.
Prior to the sale, Parsey exercised options to acquire 145,413 shares at prices between $57.92 and $65.38, making a total of approximately $9.1 million. Following this transaction, Parsey retains direct ownership of 80,801 shares in the company. These transactions are carried out under a previously established trading system. For a comprehensive analysis of Gilead’s financial health metrics and valuation, access the detailed Pro Research Report available only from InvestingPro.
In other recent news, Gilead Sciences, Inc. has shown significant progress in various clinical trials and financial activities. The company’s investigational anti-HIV drug, lenacapavir, showed a 96% reduction in HIV infection in a pivotal Phase 3 study. In addition, Gilead issued $3.5 billion in senior notes, which are intended for general corporate purposes, including repaying existing debt.
RBC Capital Markets and Citi expressed confidence in Gilead, maintaining a Sector Perform rating and assigning a Buy rating respectively. Promising interim results from the Phase 3 ASSURE study on Livdelzi, a treatment for primary biliary cholangitis (PBC), revealed that 81% of PBC patients achieved a composite biochemical response.
Despite the undisclosed details of the profit for the third quarter of 2024, these latest developments show Gilead’s opportunities for growth and profitability. In addition, Citi’s analysis suggests a strong long-term outlook for Gilead, forecasting 5-year revenue and non-GAAP earnings per share (EPS) compound annual growth rate (CAGR) from 2024 to 2029 of 3 percent and 18% respectively. These events underscore the company’s continued commitment to HIV treatment and prevention, and its efforts to address the unmet needs of PBC patients.
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