Goldman Sachs Pounds the Table On Gilead Sciences (GILD) After '7977 Update

Goldman Sachs raised its price target on Gilead Sciences (NASDAQ: GILD) from $57 to $61 following results and a positive update on Hep C drug '7977. The firm maintained its Conviction Buy List rating.

Goldman said the de-risking of efficacy of '7977 in an all oral drug regimen in genotype 1 (G1, 70% of the Hep C) in the ongoing Phase II trials is the key stock driver.

Commenting on results the firm said:
"In the first report of this data, ‘7977+ RBV (ribavirin) had 100% RVR (a measure of being virus free after four weeks on treatment) in both treatment naïve (n=25) and null (n=10) G1 patients. We expect initial cure data from the null patients at the CROI medical meeting (in March) and we expect the naïve cure data at EASL (in April)."

Goldman said they have increased 7977 as RVR4 data is typically a good predictor for cure.

For an analyst ratings summary and ratings history on Gilead Sciences click here. For more ratings news on Gilead Sciences click here.

Shares of Gilead Sciences closed at $49.31 yesterday, with a 52 week range of $34.45-$49.63.

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