9 June Watchlist 👀

Table of Contents

 

Today we are watching…

1. Gilead Sciences (#gildsci)

The takeover proposal fell through, if it ever existed. It’s unfortunate news for investors in Gilead Sciences, who bid shares up 3% yesterday in the belief that a $100 billion merger was really possible. Gilead’s near-$100 billion valuation made it a pricey deal, but that valuation is still lower than peers in biopharma. AstraZeneca may have seen that and though Gilead was looking for a merger in a time of distress, but as analyst Geoffrey Porges of SVB Leerink said yesterday, “Gilead today is far from distressed.” It’s made its own acquisitions to diversify away from a reliance on antivirals, and “its profitability is consistently higher than the average for large pharma companies.” Its shares perhaps deserve to re-rate on their own accord?

2. Citi (#citi)

This major US bank wants to remind us about investor psychology, animal spirits, and the risks of euphoria. “We are concerned that thoughtful approaches are being overwhelmed the need to keep up with price movements.” In other words, the bank is concerned about FOMO (the Fear of Missing Out!). “People are ignoring joblessness, trade friction, social unrest, and a second wave.” It might be because people have survived trade friction before, jobs are returning (and the market is forward-looking), and investors don’t believe another lockdown is feasible for governments even if a second wave hits. These could be ridiculous ideas. We could be headed for the cliff-edge, but if stocks keep rising, these will be the excuses.

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