Most Searched Stocks Among Financial Advisors Show Tech and Consumer Sectors in Spotlight

The healthcare sector didn’t enjoy the same level of popularity among financial advisors last week, compared to the previous periods. Nevertheless, Gilead Sciences, Inc. (NASDAQ:GILD) ranked as the third most-searched stock. The biotech industry has taken a hard hit since the beginning of the year, with the NASDAQ Biotech Index sliding by more than 16%. However, Gilead’s shares have outperformed the index, declining by less than 10% during the same period. Last week, the company which manufactures the leading Hepatitis C drugs Harvoni and Sovaldi, announced the approval of a priority New Drug Application review of a new Hep C combination drug from the US Food and Drug Administration. The drug combination involves a once-daily fixed doses of Sovaldi and velpatasvir, an investigational pan-genotypic NS5A inhibitor. The NDA was filed in October and FDA plans to issue a final approval for the drug on June 28.

Gilead Sciences, Inc. (NASDAQ:GILD)’s strong financial results, combined with a quarterly dividend of $0.43 and a stock buyback program, make the company one of the hedge funds’ favorites in the healthcare sector. Out of more than 730 funds tracked by Insider Monkey, 90 reported long positions in the company as of the end of the third quarter, higher than 84 funds a quarter earlier. Billionaire David Shaw’s D. E. Shaw & Co. is one of the investors bullish on Gilead Sciences, Inc. (NASDAQ:GILD). It has increased its stake by 41% to 6.15 million shares during the third quarter.