UPDATE: BMO Capital Downgrades Gilead Sciences (GILD) to Market Perform

BMO Capital analyst Evan David Seigerman downgraded Gilead Sciences (NASDAQ: GILD) from Outperform to Market Perform with a price target of $65.00 (from $75.00).

The analyst comments "We are downgrading Gilead to Market Perform from Outperform and decreasing our target to $65 from $75 on our revised view of the TROPiCS-02 readout. With our expectations around a base-case of a statistically significant, but not clinically meaningful PFS (~2 months) for TROPiCS-02 at readout, we see an increasingly challenging narrative around the outlook for growth in the oncology franchise. We are not negative on the name, but view Gilead as a “show me” story and look to management for further derisking of assets before we are more constructive."

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 $61.12 yesterday.

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