Gilead Sciences (GILD) agreed to acquire Tubulis for $5 billion, its "third takeout" in six weeks as it pushes to diversify beyond its "core focus on HIV," Oppenheimer said in a report Wednesday.

The deal follows the recent takeovers of Arcellx (ACLX) and Ouro, representing a total capital outlay of roughly $15 billion. Analysts at the firm view the latest moves as a strategic effort for "adding shots on goal" to Gilead's pipeline, particularly in oncology and autoimmune diseases, the report said, adding that Gilead currently generates about 30% of its revenue outside of infectious diseases.

While the "shopping spree" highlights a decade-long shift toward cancer and inflammatory treatments, near-term focus for investors is squarely on the launch of Yeztugo, a drug in the company's HIV prevention and treatment lineup, according to the report.

Gilead is also supported by high operating margins and a "dividend yield" of about 3% to 4%, positioning the company for further growth, Oppenheimer said.

Oppenheimer reiterated an outperform rating on Gilead with a price target of $165.

Price: 139.77, Change: +0.97, Percent Change: +0.70