Gilead (GILD) is no longer the biggest biotech by market cap in the world, a position now occupied by Amgen (AMGN), but the bearish news may not stop there. JPMorgan analyst Cory Kasimov says Gilead’s shares look cheap, but may remain that way if no changes are implemented.

AMGEN ECLIPSES GILEAD: Gilead is no longer the world’s biggest biotech company by market cap, with Amgen taking over as the leader. According to Yahoo Finance data, Amgen’s market cap is over $115B, versus Gilead’s at around $111B. Market capitalization can be an important data point for investors to keep an eye on, as it gives a true comparison of the value attributed by the stock market to a given company’s stock and places the company in terms of its size tier in relation to its peers.

COULD STAY CHEAP: With Gilead no longer being the biggest biotech, JPMorgan’s Kasimov sees the company as being “at a crossroads,” with its stock down 18% year-to-date and Hepatitis C virus driven beat-and-raises likely in the past. Kasimov believes Gilead’s shares look cheap, but could stay that way if nothing changes as sales shrink, the pipeline does not appear to have any obvious near-term value drivers, and options for the type of M&A that Gilead may need could prove to be limited. With a large amount of cash and the selloff in the sector, “the time appears ripe” for Gilead to do a significant M&A transaction, Kasimov added. The analyst reiterated an Overweight rating on Gilead’s shares, but acknowledged that the M&A engine will need to get going or otherwise even more investors could be yelling “value trap” instead of “value.” Kasimov has a $116 price target on the company’s shares.

TUSSLE AT TOP OF TECH: Yesterday, Apple (AAPL) also lost its place as the most highly valued publicly traded company, with a slide in its shares dropping the company’s market cap below $495B, according to Yahoo Finance data. Meanwhile, Google parent Alphabet’s (GOOGL) market cap was near $500B, replacing the iPhone maker’s at the top of the list. Today, however, Apple recovered and the companies switched places once again, with the market cap of the iPhone maker back near $500B at time of writing and Alphabet’s slightly below that figure.