RBC Capital analyst Brian Abrahams reiterated a Sector Perform rating and $122.00 price target on Gilead Sciences (NASDAQ: GILD).

The analyst commented: "With GILD's CMO Sounding Enthusiastic, What To Look For In Upcoming UC Readout; With GILD's CMO sounding surprisingly enthusiastic on last week's earnings call about their small molecule UC drug emvistegrast (GS-1427), ph.II data from which are expected shortly, we revisited what we know about the agent, what to look for, and impact to GILD. While we believe the competitive bar is high, prior oral α4β7 efforts have not looked great, focus is likely to remain on Yeztugo/HIV/anito-cel near term, and a ph.II readout is unlikely to materially move the stock, it has some pharmacological advantages vs. others and favorable results could – alongside any news/data around their recent Ouro-acquired BCMA bispecific, IRAK4, or other autoimmune efforts – help I&I start to emerge as a potential new area of LT growth generation."

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Shares of Gilead Sciences closed at $131.33 yesterday.