J.P. Morgan Comments On Gilead Sciences Following HCV Weekly Rx Update

J.P. Morgan analyst Cory Kasimov is out today with some comments on Gilead Sciences (NASDAQ :GILD), following the release of the latest IMS and Symphony Health prescription data for Sovaldi (sofosbuvir), Harvoni (sofosbuvir/ledipasvir) and Viekira Pak (ombitasvir/paritaprevir/ritonavir with dasabuvir). The analyst rates the stock an Overweight with a $117 price target.

Kasimov noted, “Sovaldi total scripts were up 1.6% wk/wk. Harvoni captured scripts were up 21.8% wk/wk, and are off to a strong start. It was third week of launch for Abbvie’s Viekira Pak and the total scripts were up 19% wk/wk.”

The analyst continued, “Recall that Sovaldi was approved on 12/6/2013 for the treatment of chronic HCV genotypes 1, 2, 3 and 4, Harvoni was approved on 10/10/14 for the treatment of chronic HCV genotype 1 and Abbvie’s Viekira Pak was approved on 12/19/14 for the treatment of chronic HCV genotype 1. Given the relatively early stage in these launches, as well as the competitive dynamics and rapidly evolving treatment landscape, we believe it’s prudent to view this type of 3rd party data with a healthy dose of skepticism, given the potential for enhanced variability and restatements in weekly data, uncertainty around true capture rates for both IMS and Symphony, and sometimes conflicting data between the two services. Nevertheless, we expect investors to continue to closely monitor these Rx trends.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a total average return of 12.6% and a 61.9% success rate. Kasimov has a 3.1% average return when recommending GILD, and is ranked #449 out of 3428 analysts.

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