Yesterday at the 9th International Aids Society (IAS) conference on HIV Science in Paris, Gilead Sciences, Inc. (NASDAQ:GILD) made crucial strides forward. Putting new detailed Phase III results on showcase for the biotech giant’s HIV drug Bictegravir, Cowen analyst Phil Nadeau came away certainly impressed with this prospective market share game-changer.

In reaction, believing Gilead is making a sharply “competitive” case to try and best rival GlaxoSmith Kline and ViiV Healthcare HIV drug Tivicay, the analyst reiterates an Outperform rating on shares of GILD with a price target of $90, which represents a close to 22% increase from current levels. (To watch Nadeau’s track record, click here.)

To Nadeau, the details from the conference indicate Bictegravir shows promising efficacy as well as a well-tolerated profile when sizing up the biotech arena, believing the Phase III trials reveal Gilead’s drug “will be competitive with Tivicay.”

This is a stock that is as compelling as it is underappreciated by the Street, as Nadeau explains, “Our HIV consultants have said that if bictegravir is simply as good as Tivicay, GILD would regain share as bictegravir/FTC/TAF would become their preferred regimen. We think bictegravir’s profile is strong enough, though numeric differences in virologic outcomes will be scrutinized. We continue to think that GILD is undervalued.”

Overall, the IAS conference is laying another golden brick on the road ahead for the giant, with Nadeau rooting strongly for Gilead’s success. “Gilead is developing bictegravir (integrase inhibitor; BIC) as a potential competitor to GSK/ViiV’s integrase inhibitor Tivicay (dolutegravir, DTG) a key ingredient in Triumeq (ABC/DTG/3TC). Dolutegravir was the first true once-daily integrase inhibitor, and by virtue of its strong profile ViiV has captured share from Gilead and grown the revenue from dolutegravir-based pills to approx. $3B/year worldwide. Gilead hopes that the successful development and commercialization of bictegravir-based regimens will help recapture some of this share,” concludes the analyst.

TipRanks analytics demonstrate GILD as a Strong Buy. Based on 12 analysts polled by TipRanks in the last 3 months, 9 rate a Buy on Gilead stock while 3 maintain a Hold. The 12-month average price target stands at $82.56, marking a nearly 11% upside from where the stock is currently trading.