Gilead Sciences (GILD) shares popped over 16% in after-hours trading on Thursday following encouraging anecdotal data from Gilead’s remdesivir COVID-19 trials.
News source STAT reported on a video presentation within a single site, the University of Chicago, which recruited 125 COVID-19 patients into GILD’s phase III trials.
According to the presentation, only 2 of the 113 severe patients died, fever curves for those presenting with fever reportedly fell after receiving remdesivir, and the investigator reportedly noted some ventilated patients coming off ventilators shortly after treatment.
Moreover, investigators also reportedly noted that most patients were discharged within 6 days.
RBC Capital’s Brian Abrahams admitted that this early data ‘looks promising on the surface’ and continues to support some potential for the drug to be active in certain COVID-19 patients.
“Nonetheless, there are major limitations to contextualizing and interpreting this data, and we see the GILD-sponsored moderate study reading out next month as offering the best opportunity for a true efficacy read” Abrahams warned investors on April 16. He has a buy rating on the stock with an $85 price target (11% upside potential).
Similarly, in a statement to STAT on Thursday, Gilead said: “What we can say at this stage is that we look forward to data from ongoing studies becoming available.”
Overall analysts are cautiously optimistic on the outlook for GILD stock. According to TipRanks, GILD shows a Moderate Buy analyst consensus, with a $77 average analyst price target. (See Gilead’s stock analysis on TipRanks)
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