Justin Sullivan/Getty Images News Gilead Sciences ( NASDAQ: GILD ) stock has been upgraded to Outperform from Market Perform by Raymond James on positive data from PURPOSE-1 study and expected approval of seladelpar. The brokerage, which has a PT of $93 on the company, said that the upgrade is due to the recent outstanding data from PURPOSE-1 study of long acting lenacapavir in HIV pre-exposure prophylaxis and expected approval of seladelpar in PBC later this year with revenue growth from both likely to outpace current expectations. Last month, GILD announced that a Phase 3 trial for its experimental therapy lenacapavir succeeded when used as a twice-yearly option to prevent HIV infection.
According to Raymond James, collectively, lenacapavir PrEP and seladelpar could contribute multi-billion-dollar top-line growth over the next five years ($3.7B combined annual sales by 2030 in RAJA's model). Seeking Alpha analysts have a Hold rating on the company, while Wall Street analysts rate it as a Buy .
GILD is up 2% premarket. More on Gilead Sciences Gilead Sciences: Strategic Gains From Lenacapavir And Trodelvy Justify A Buy Rating Gilead Records Positive Phase III Results In HIV Gilead Sciences, Inc. (GILD) Goldman Sachs 45th Annual Global Healthcare Conference (Transcript) Biggest stock movers: PLTR, ASAN, SWBI, and more Gilead gains on trial win for twice-yearly HIV PrEP therapy.
