Gilead (GILD) Weakness Following HCV Warning Seen as Potential Buying Opportunity

Wells Fargo maintained an Outperform rating on Gilead Sciences (NASDAQ: GILD) with a price target of $123-$127. Analyst Brian Abrahams commented on a new warning for Sovaldi/Harvoni drugs. Last Friday it was learned nine patients taking its HCV drugs Harvoni or Sovaldi along with the heart treatment amiodarone developed abnormally slow heartbeats. One patient died of cardiac arrest. Three required pacemakers.

Wells Fargo analyst Brian Abrahams doesn't expect a material impact on uptake of Gilead's HCV drugs in response. However, he thinks the stock could see weakness, which he sees as a buying opportunity.

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 $102.29 yesterday.

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