Gilead Sciences Inc.

# Signal Note: Driehaus Initiates GILD Position Driehaus Capital's $618K entry into Gilead likely reflects conviction in near-term catalysts, potentially including Phase 3 data for lenacapavir (HIV, expected 2024) or commercial momentum in hepatitis D (bulevirtide, EU approved 2023). The growth-focused fund's initiation suggests they see valuation attractive relative to upcoming binary events or revenue inflection from these newer assets, though the modest position size ($618K) indicates measured conviction rather than core conviction.