Gilead Sciences (GILD) Gained from its HIV and COVID-19 Drugs

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s portfolio outperformed the Russell 3000 benchmark Index in the second quarter of 2022. Stock selection and sector allocation contributed to the fund’s performance. For more information on the fund’s top picks in 2022, please check its top five holdings.

In the letter, ClearBridge Investments discussed its ClearBridge Sustainability Leaders Strategy portfolio. Gilead Sciences, Inc. (NASDAQ:GILD) was mentioned in the letter. Gilead Sciences, Inc. (NASDAQ:GILD)  is a biopharmaceutical company headquartered in Foster City, California. The stock of Gilead Sciences, Inc. (NASDAQ:GILD) closed at $61.09 per share on August 5, 2022. One-month return of Gilead Sciences, Inc. (NASDAQ:GILD)  was -2.51% and its shares lost 10.77% of their value over the last 52 weeks. Gilead Sciences, Inc. (NASDAQ:GILD) has a market capitalization of $76.626 billion.

Here is what ClearBridge Sustainability Leaders Strategy specifically said about Gilead Sciences, Inc. (NASDAQ:GILD) in its second-quarter investor letter:

“UnitedHealth Group’s (UNH) high-quality traits made it attractive while higher-multiple, more speculative stocks sold off. While biotechnology got a bid from increased M&A interest, our biotech holdings also showed fundamental strength: Gilead Sciences, Inc. (NASDAQ:GILD) beat bottom and topline estimates driven by strong sales of its HIV and COVID-19 drugs; BioMarin Pharmaceutical (BMRN) was up as Japan granted approval for its Voxzogo injection to treat achondroplasia in children and received conditional approval for its hemophilia gene therapy in Europe.”

Gilead Sciences, Inc. (NASDAQ:GILD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Gilead Sciences, Inc. (NASDAQ:GILD)  at the end of the first quarter which was 54 in the previous quarter.

We discussed Gilead Sciences, Inc. (NASDAQ:GILD)  in another article and shared top dividend stock recommendations from John Allison’s Unio Capital. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.