Maxim Group Maintains Buy On Gilead On The Heels Of New Drug Application In Japan
In a research report issued today, Maxim Group analyst Jason Kolbert maintained a Buy rating on Gilead Sciences (NASDAQ:GILD) with a $127 price target. The report follows today’s news that the company submitted a new drug application to japan’s pharmaceutical and medical devices Agency for fixed-dose combination of Ledipasvir/Sofosbuvir for Chronic Hepatitis C Genotype 1 Infection.
Kolbert said, “We are excited to learn that Gilead has now filed the Ledipasvir/Sofosbuvir (LDF/SOF) combination in Japan. Japan joins the US and Europe. Recall that the data is amazing: A 12-Week Course of LDF/SOF achieved a 100% Sustained Virologic Response (SVR12) in the Japanese Phase 3 Study in a QD tablet”. Moreover, ” 70-80% of the HCV in Japan is G1, untreated this drives liver cancer later in life.” The analyst added, “We believe Gilead’s estimates for the potential in Japan could prove conservative. Don’t forget, too, that P3 results from the SOF/LDV combination (w/o RVN) had 100% SVR across all patients, including cirrhotic patients. This filing is ahead of our expectations.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 11.0% and a 48.5% success rate. Kolbert has a 33.0% average return when recommending GILD, and is ranked #260 out of 3300 analysts.