Needham & Company Reiterates a 'Buy' on Gilead Sciences (GILD); 2012 Preview

Needham & Company reiterates a 'Buy' on Gilead Sciences (NASDAQ: GILD) price target of $48.00.

Needham analyst said, "Gilead announced a major push in the Hepatitis C space in November 2011 with plans to acquire Pharmasset for $11B.
Interim results from a Phase 2 trial testing the centerpiece of this transaction, PSI-7977, are expected in 1H12. The ongoing Quantum trial is evaluating PSI-7977 with RBV as an all-oral regimen in GT1 HCV patients. The drug was found to be 100% effective in less challenging GT2/3 patients in the Phase 2 Electron trial. Strategy for Phase 3 development in HCV is dependent on outcome of Quantum...We believe Gilead is well-positioned in the HCV and HIV spaces and, in our opinion, this is not fully reflected in the stock...Key drivers include news flow from the expanded HCV franchise and revenue growth from the expanding collection of all-in-one HIV regimens."

"We estimate $2.15B in 4Q11 total revenue and non-GAAP EPS of $1.02 per share."

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 $42.52 yesterday.

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