Gilead Sciences (GILD) Long Term Picture Still Uncertain, Credit Suisse Reiterates Underperform

Credit Suisse analyst Evan Seigerman reiterated an Underperform rating and $60.00 price target on Gilead Sciences (NASDAQ: GILD) after the CEO, in an open letter over published over the weekend, indicated that the company has approximately 1.5M individual doses of remdesivir and will provide at them at no charge to severe patients via clinical trials, compassionate use and expanded access. At 10 days of treatment per patient, this would equate to ~140,000 people.

The anlayst remains negative on the stock stating "We remain encouraged that remdesivir could be a potential treatment for COVID-19, with initial clinical data expected by mid-April; still this is unlikely to change the longer-term thesis for GILD shares. Still we caution that remdesivir does not change our longer term thesis for GILD shares; indeed we are concerned that some of Gilead's core businesses may be negatively impacted by COVID-19, including expansion of PrEP, any sort of Yescarta growth, and the potential upcoming launch of filgotinib (in partnership with Galapagos)".

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 $80.16 yesterday.

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