Deutsche Bank Defends Gilead Sciences (GILD) on Sector Setback

Deutsche Bank commented on Gilead Sciences (NASDAQ: GILD) following news in the sector from Idenix Pharmaceuticals Inc. (Nasdaq: IDIX), which said the FDA placed hepatitis C drug IDX184 on partial clinical hold due to a serious cardiac-related adverse event.

The firm said they spoke with GILD management and the company believes the concerns with IDX184 are drug-specific, not on entire nuke class. GILD said they have not been contacted by the FDA.

The analyst comments: "Notably, GS-7977 has been dosed in over 1000 patients for 12 weeks. Recall, IDX 184 had only been tested in 67 patients for 2 weeks. Furthermore, GS-7977 has already successfully completed a thorough QTC study. This provides us with significant comfort that GS-7977 does not have cardiac issues. From speaking with different thought leaders in the HCV space, it is our sense that the FDA becomes more comfortable when >200 patients have been dosed. Gilead reiterated that it paid $11B for GS-7977 due to its significant safety database."

The firm reiterated their Buy rating and price target of $68.00.

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 $57.97 yesterday.

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