Gilead Sciences (GILD) PT Bumped Up at Nomura

Nomura Securities analyst Ian Somaiya reiterated a Buy rating and bumped his price target on Gilead Sciences (NASDAQ: GILD) from $120 to $121, saying not all HCV drugs created equal.

Somaiya said, "We are raising our revenue estimates for Gilead’s HCV franchise as we take into account strong prescription data to date and more importantly comments by renowned hepatologist, Dr. Stefan Zeuzem, on emerging competition from AbbVie and Merck. We believe recent sell-off in GILD provides investors an even more compelling buying opportunity, as our dinner with Dr. Zeuzem highlighted key advantages for Gilead’s HCV combo of sofosbuvir + ledipasvir. In particular, Dr. Zeuzem pointed out the need for ribavirin with AbbVie’s regimen when used in genotype 1A cirrhotic patients and physicians’ general aversion to using this regimen in HIV co-infected patients given use of a ritonavir booster. For Merck, Dr. Zeuzem suggested keeping an eye on rates of Grade 3 ALT elevations."

The firm maintained FY14E EPS at $3.60; FY15E EPS $5.63.

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 $70.65 yesterday.

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