By Carly Forster
Gilead Sciences, Inc. (NASDAQ:GILD) is a Foster City, California based bio-pharmaceutical company that discovers, develops and commercializes therapeutics for unmet medical areas in need. The biopharmaceutical company recently launched a hepatitis C treatment called Sovaldi. The launch was extremely successful and many speculate it will be the biggest biotech event this year so far.
Demand for the hepatitis C drug has been outstandingly high from doctors and patients all over the world. In fact, Gilead sold over $5 billion worth of the drug in its first 6 months on the market, earning the title of this year’s top selling medicine so far and the only medicine to reach such high sales so quickly.
Blue Eagle Capital Partners: Long Thesis For This Lending Stock
Blue Eagle Capital Partners was up 17.7% net for the third quarter of 2020, bringing its return to 49.1% for the first nine months of the year. During the third quarter, longs contributed 28.15% to the fund's performance, while shorts subtracted 7.36%. The S&P 500 was up 8.93% for the third quarter. Q4 2020 hedge Read More
Gregg H. Alton, Executive Vice President, Corporate and Medical Affairs noted, “Hepatitis C is a significant public health issue worldwide, and Gilead is working to make its chronic hepatitis C medicines accessible to as many patients, in as many places, as quickly as possible. In developing countries, large-volume generic manufacturing and distribution is widely regarded as a key component in expanding access to medicines. These agreements are essential to advancing the goals of our humanitarian program in these countries.”
Shares of Gilead Sciences opened at $106.99 on Wednesday, October 1st. The biopharmaceutical company has a 1-year high of $110.64 and a 1-year low of $58.81. The stock’s daily moving average is $106.39 and had a 50-day moving average of $104.50. The market cap for Gilead Sciences is $159.62 billion and its P/E ratio is 23.92.
On September 30th, Deutsche Bank analyst Robyn Karnauskas reaffirmed a Buy rating for Gilead Sciences with a $142 price target. She noted, “We highlight that GILD has the best in class nuke and if it is difficult to cure patients with the best in class drug at 4 weeks, we believe it may be equally/more difficult for other players. However, we believe other combos could still work at longer durations & model competition accordingly.” Karnauskas currently has a 67% success rate in recommending stocks, earning a +9.8% average return per recommendation. She has also rated Gilead Sciences, Inc. (NASDAQ:GILD) 14 times, earning an 86% success rate recommending the stock.
Similarly on October 1st, Merril Lynch analyst Ying Huang reiterated a Buy rating for Gilead Sciences with a $130 price target. He reasoned, “In 1H14, GILD reported an astounding $5.8B in Sovaldi sales, and is on track to rake in $12B+ in total HCV sales this year, by our estimates. Beyond Sovaldi, we believe the upcoming oral once-dailysofosbuvir/ledipasvir fixed dose combination (FDC) will dominate the market, given its remarkable efficacy/safety profile and convenient administration.” Huang currently has an 83% success rate recommending stocks, earning an +18.3% average return per recommendation.
On average, the top analyst consensus for Gilead Sciences, Inc. (NASDAQ:GILD) is Moderate Buy.
To see more recommendations for Gilead Sciences, visit TipRanks today!
Carly Forster writes about stock market news. She can be reached at [email protected]