Gilead Sciences (GILD) Surges As Bristol-Myers' (BMY) Hep C Drug Has Major Setback

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Gilead Sciences Inc. (Nasdaq: GILD) is having a strong day Thursday at the expense of Bristol-Myers Squibb (NYSE: BMY), which pulled a Hep C pipeline drug due to safety issues.

Bristol-Myers suspended an ongoing Phase II study of BMS-986094, a nucleotide polymerase (NS5B) inhibitor in development for the treatment of hepatitis C, on the emergence of a "serious safety issue" which appears to be a heart attack that occurred in a patient on a 200-mg daily dose.

Gilead Sciences has its own Hep C treatment and now has the upper hand.

Based on this one event, analysts at Barclays upgraded Gilead to 'Overweight' and downgraded Bristol-Myers Squibb to 'Equal Weight.'

Shares of Gilead are up 9.3 percent, while Bristol-Myers Squibb is down 7 percent.

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