Gilead (GILD) Issues Strong '7977 Update, Shares Move Higher

February 3, 2012 10:03 AM EST
Shares of Gilead Sciences, Inc. (Nasdaq: GILD) are moving higher Friday following positive data related to its experimental hepatitis C (HCV) treatments.

On the company's fourth-quarter earnings conference call late Thursday, Gilead's scientific chief Norbert Bischofberger said trials of PSI-7977 in patients with genotype 1 HCV showed no signs of the virus after being on the drug for four weeks.

PSI-7977 was said to cure patients with genotypes 2 and 3, according to earlier studies.

Competitors in the field include Merck (NYSE: MRK), Vertex Pharma (NYSE: VRTX), Bristol-Myers Squibb (NYSE: BMY), Idenix Pharma (Nasdaq: IDIX) and Achillion Pharma (Nasdaq: ACHN).

A number of analysts issued comments on Gilead following the call. For more color, click here.

Gilead shares last traded at $54.40, up 10.3 percent from Thursday's close.

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