AXQ Capital opens $3.42M stake in Gilead as insiders sell $14.5M
What's the deal? AXQ Capital LPDealroom has a profile for this one. Try Dealroom → acquired a new position in Gilead SciencesDealroom has a profile for this one. Try Dealroom → during the second quarter, buying 27,106 shares of the biopharmaceutical company valued at about $3,425,000, according to Holdings Channel.
Why now? The move joins a wave of institutional activity in Gilead. Strategic Investment SolutionsDealroom has a profile for this one. Try Dealroom →, Persistent Asset PartnersDealroom has a profile for this one. Try Dealroom →, Kimelman & BairdDealroom has a profile for this one. Try Dealroom →, and Quattro AdvisorsDealroom has a profile for this one. Try Dealroom → all opened small new positions in recent quarters, while Vermillion & WhiteDealroom has a profile for this one. Try Dealroom → lifted its holding by 71.4%.
Hedge funds and other institutional investors now own 83.67% of Gilead's stock.
The other side: Company insiders were selling as funds bought. Insiders offloaded 105,000 shares worth $14,495,820 over the past three months.
Director Anthony Welters sold 18,000 shares at an average $148.62 on August 26, cutting his stake 58.26%. Insider Johanna Mercier sold 28,000 shares at $137.64 on August 17, a 19.15% reduction. Both trades ran under pre-arranged Rule 10b5-1 plans.
What Wall Street thinks: Analysts remain broadly positive. One rates Gilead a "strong buy," 24 rate it "buy," and five rate it "hold," for a consensus "moderate buy" and an average target price of $158.04, per MarketBeat.
Recent notes were mixed. Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom → lifted its target to $123.00 with a "sector perform" rating, while Weiss RatingsDealroom has a profile for this one. Try Dealroom → downgraded the stock from "buy" to "hold." Daiwa SecuritiesDealroom has a profile for this one. Try Dealroom → set a $150.00 target with an "outperform" rating.
The signal: Fresh institutional buying against steady insider selling leaves Gilead's near-term direction contested — a split view reflected in the spread of analyst targets from $123.00 to $167.00.
Read more: americanbankingnews.com
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