Cowen Comments On Gilead Sciences Following Price Increase Of Seven Products
In a research report sent to investors today, Cowen analyst Phil Nadeau maintained an Outperform rating on Gilead Sciences (NASDAQ:GILD) with a price target of $125, which implies an upside of 31% from current levels.
Nadeau noted, “Third party sources report that on Jan. 1 Gilead increased the prices of 7 products,including Viread (+6.9%), Atripla (+3.64%), Cayston (+9%), Hepsera (+4.9%), Letairis (+6.9%), Ranexa (+6.9%) and Zydelig (+9.9%). This is consistent with GILD’s historical pricing practices as GILD also took a number of price increases on 1/1/13 and 1/1/14. We think that investors’ concerns over the pricing power of GILD, and the biopharmaceutical industry, have been overblown.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Phil Nadeau has a total average return of 11.8% and a 62.5% success rate. Nadeau has a -1.8% average return when recommending GILD, and is ranked #543 out of 3427 analysts.