Maxim Group Downgrades Gilead Sciences from Buy to Hold

Maxim Group has downgraded its outlook for Gilead Sciences from Buy to Hold. This shift indicates a cautious stance on the company's future performance, which could influence stock prices as institutional ownership experiences slight decreases.

Date: 10-11-2024

AI Rating: 4

The report highlights a downgrade of Gilead Sciences' outlook from Buy to Hold by Maxim Group on November 8, 2024. This kind of downgrade can typically lead to a decrease in stock prices as investors may reassess the company's growth potential based on this new outlook.

Fund Sentiment: The report indicates that there are 2,850 funds or institutions reporting positions in Gilead Sciences, representing a decrease of 19 funds or 0.66% in the last quarter. The average portfolio weight of all funds dedicated to GILD shows an increase of 5.09%, while total shares owned by institutions rose by 2.17% to 1,262,285K shares. The increase in shares owned by institutions, despite a slight decrease in the number of funds, indicates some level of continued confidence in Gilead Sciences from significant institutional investors.

Shareholder Actions: Several major shareholders decreased their allocation in Gilead. For instance:

Capital World Investors cut its holdings by 10.82% from 84,497K shares to 76,250K shares.
Capital Research Global Investors reduced its holdings by 1.35% from 61,246K shares to 60,428K shares.
Dodge & Cox saw minimal change with a decrease of 0.14%.
Vanguard funds (VTSMX & VFINX) reported a mixed trend with a slight reduction in their allocations.

Decreased portfolio allocations by these major funds hint towards a cautious sentiment surrounding Gilead Sciences, likely influenced by the overall downgrade. Additionally, while there is continued institutional presence with a slight increase in total shares, the report signals a trend warranting close observation.

Stocks: GILD