Gilead Sciences: A Prescription for Biotech Exposure
Embroiled in the ebb and flow of the market, Rob Sechan of NewEdge Wealth spoke of Gilead Sciences, Inc. GILD on CNBC’s “Halftime Report Final Trades,” touting it as an economical means for investors to gain biotech exposure.
Gilead Sciences made headlines last month with its acquisition of 15 million shares of HOOKIPA Pharma Inc HOOK, an investment totaling approximately $21.25 million at a price of $1.4167 per share.
AbbVie: A Dose of Strength in Healthcare
Jim Lebenthal of Cerity Partners lauded AbbVie Inc. ABBV as a stalwart in the healthcare sector, dubbing it a “good one.” AbbVie’s unwavering confidence in Botox’s dominance in the aesthetics market, maintaining a commanding 68% share, was underscored by Chief Commercial Officer Jeffrey Stewart during the J.P. Morgan healthcare conference.
Verizon Communications: A Rocky Road
Jenny Harrington of Gilman Hill Asset Management emphasized Verizon Communications Inc. VZ, noting its 7% yield and valuation at eight times earnings. However, Verizon’s recent revelation of a glaring $5.8 billion write-down in the value of its business services division reflected arduous trials in its enterprise operations.
Arch Capital Group: Riding the Bounce
Joseph Terranova of Virtus Investment Partners advocated for Arch Capital Group Ltd. ACGL, advising investors to “buy the bounce.” This resonated following UBS analyst Brian Meredith’s decision to maintain a Buy rating for Arch Capital Group, albeit with a lowered price target from $101 to $97.
Price Action: Gilead Sciences shares edged up by 0.6% to close at $86.48; AbbVie saw a 0.4% gain, ending at $162.04 on Wednesday; Conversely, Verizon experienced a 1.1% decline, closing at $38.87; and Arch Capital notched a 0.6% gain to reach $78.67 during Wednesday’s session.
