Gilead Sciences (GILD): Trial Suspension Impacts Sentiment More Than Revenue - Leerink
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Leerink Partners analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Gilead Sciences (NASDAQ: GILD) after the company announced the suspension of its phase 2/3 for GS-5745. This is GILD's anti-matrix metalloproteinase 9 (MMP9) anti-body for the treatment of ulcerative colitis (UC). The company made this decision after the data monitoring committee recommended termination, with the treatment failing to demonstrate any signal of efficacy in an 8-week induction interim analysis of the first 150 patients from a 1,600-patient phase III trial.
The company noted it is proceeding with its ongoing phase 3 in gastric cancer (primary completion date January 2019); another phase 2 in gastric cancer with nivolumab (September 2018); and phase 2 trials in Crohn’s (October 2016), rheumatoid arthritis (March 2018), and cystic fibrosis (December 2018).
The analyst views other MMP9 trials as risky. There is little revenue downside but they represent a blow to R&D prospects as well as investor sentiment. No change to the price target of $112.
Shares of Gilead Sciences closed at $81.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gilead Sciences (GILD) MMA for Sofosbuvir/Velpatasvir/Voxilaprevir Full Validated in EU
- J.B. Hunt Transport Services (JBHT) PT Lowered to $99 at UBS Following 4Q EPS Miss
- Generics File Against New Teva Pharma (TEVA) Copaxone 40MG Patent - Evercore ISI
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!