Gilead Sciences, Inc. (NASDAQ:GILD) announced that, effective March 10, 2016, current Chairman and CEO John C. Martin, PhD will assume the role of Executive Chairman of the company. John F. Milligan, PhD, currently President and Chief Operating Officer, will be promoted to CEO and appointed to the company’s Board of Directors.
John Martin joined Gilead in 1990 and was appointed Chief Executive Officer in 1996 and Chairman of the Board in 2008. John Milligan also joined Gilead in 1990 and was appointed Chief Operating Officer in 2007 and President in 2008.
“John Martin has led Gilead as CEO for the past 20 years, and under his stewardship, the company has developed and delivered therapeutic advancements to millions of people around the world. His legacy is clear – and the vision he has set will continue with his contributions as Executive Chairman,” said John Cogan, PhD, Gilead’s Lead Independent Director.
“Over the past 25 years, John Milligan has distinguished himself as an exceptional leader, serving in diverse management roles and overseeing multiple phases of growth and expansion into new therapeutic areas and geographies. The Board of Directors and I are confident in his ability to lead Gilead into the future,” commented John Martin. (Original Source)
Shares of Gilead Sciences are falling nearly 5% in pre-market trading. GILD has a 1-year high of $123.37 and a 1-year low of $86. The stock’s 50-day moving average is $97.41 and its 200-day moving average is $104.88.
On the ratings front, Gilead has been the subject of a number of recent research reports. In a report issued on January 26, Barclays analyst Geoff Meacham reiterated a Buy rating on GILD. Separately, on January 20, Credit Suisse’s Alethia Young initiated coverage with a Buy rating on the stock and has a price target of $125.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Geoff Meacham and Alethia Young have a total average return of 18.2% and -13.5% respectively. Meacham has a success rate of 57.7% and is ranked #153 out of 3594 analysts, while Young has a success rate of 28.6% and is ranked #3421.
Overall, 2 research analysts have assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $119.25 which is 36.2% above where the stock closed yesterday.