Gilead Sciences (GILD) Immunomedics (IMMU) Deal a Positive - Jefferies

Jefferies analyst Michael Yee reiterated a Buy rating and $78.00 price target on Gilead Sciences (NASDAQ: GILD) after media reports indicate that the company could acquire Immunomedics (NASDAQ: IMMU) for ~$20B.

The analyst stated "Overall, most investors want GILD to do more M&A and, while this is a big number, we would favor a deal as it adds a blockbuster cancer drug and builds a significant commercial and R&D oncology biz. Bears say GILD is overpaying. However, while there is some risk, the stock is cheap at 10x and out of favor. We think investors will come around as they did for ABBV and BMY after their large deals in '19".

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 $64.00 yesterday.

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