Gilead Sciences (GILD) PT Lowered to $100 at Oppenheimer
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Oppenheimer analyst Hartaj Singh lowered the price target on Gilead Sciences (NASDAQ: GILD) to $100.00 (from $105.00) while maintaining an Outperform rating.
The analyst commented, "Gilead (GILD) and filgotinib partner Galapagos (GLPG) announced on 12/15 that US clinical development for the drug has reached an impasse with FDA and that this indication would no longer be further developed in the US. On a conference call with investors on 12/16, Galapagos provided more color into the decision and path forward for filgotinib. This news is a clear disappointment for the two companies and for us; as we had been big fans of filgotinib's potential. While it seems FDA's uber cautious approach (filgotinib approved by European's in RA, among others) is puzzling, we note that consensus expectations for filgotinib have been coming down over the past few months. We update our model and decrease our PT to $100 from $105. We stay bullish."
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