Alaska’s Department of Revenue made big changes in some of its biggest holdings in U.S.-traded equities.
The state agency, which is charged with collecting and investing funds for public purposes, materially increased investments in
(ticker: GILD) and
(LLY), two companies working on treatments for Covid-19, in the third quarter. The Department of Revenue also bought more
(WFC) stock and cut holdings in
Bank of America
(BAC). The Alaskan agency disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
Alaska’s Department of Revenue, which managed $8.1 billion in U.S.-traded equities as of Sept. 30, didn’t respond to a request for comment on its stock transactions.
The agency bought 253,419 more Gilead shares in the third quarter, raising its investment to 749,107 shares of the biotech.
Gilead stock slid about 18% in the third quarter, and the shares are now down about 2% for the year to date through Friday’s close. By comparison, the
S&P 500 index,
a broad measure of the market, is up 7.6% this year.
Gilead announced in September that it had agreed to acquire
(IMMU), which has a promising new treatment for cancer, Trodelvy. Gilead’s earlier deals for companies developing cancer treatments haven’t paid off yet. Gilead has come into focus in recent days as President Donald Trump was treated with its antiviral drug remdesivir, to help speed his recovery from the coronavirus.
The department of revenue bought 130,879 additional Lilly shares, raising its investment in the drug giant to 326,523 shares as of the end of September.
Lilly stock slid about 10% in the third quarter, but remains up about