Nike (NKE) co-founder Phil Knight is donating $2 billion to the Oregon Health and Science University’s Knight Cancer Institute. It is the single largest donation ever to an American university, college or health institution.
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The donation is being made through the Knight Foundation and will be used to shift the scientific approach to cancer treatment, research, and patient care. The cancer institute at the Oregon university is named after Phil Knight, who is a long-time benefactor through his foundation.
As part of the $2 billion gift, Phil Knight is partnering with cancer researcher Dr. Brian Druker, who took on a challenge more than a decade ago to raise $500 million for cancer research. “We are grateful for the opportunity to invest in the next stage of the Druker-led revolutionary vision of cancer research, diagnosis, treatment, care, and some day, eradication,” said Phil Knight in a written statement.
Philanthropy
Phil Knight, age 87, has amassed a fortune estimated at $35 billion through his work at sneaker maker Nike, a company he co-founded in 1964 and built into a retail giant. Originally called Blue Ribbon Sports, the business began with Knight selling sneakers out of his car at local Oregon track meets.
Nike went public in 1980 and grew through its branding and marketing, as well as its partnerships with top athletes such as Michael Jordan and Tiger Woods. From the time of Nike’s IPO in 1980 until Knight’s retirement from the company in 2016, the stock gained more than 30,000%.
Phil Knight is known as a top philanthropist within the U.S. Time magazine previously estimated his lifetime giving at $3.6 billion. NKE stock is up 2% this year.
Is NKE Stock a Buy?
The stock of Nike has a consensus Moderate Buy rating among 31 Wall Street analysts. That rating is based on 18 Buy and 13 Hold recommendations issued in the last three months. The average NKE price target of $78.93 implies 3.35% upside from current levels.
