Maxim Reiterates Buy on Gilead Sciences, Inc. Following Sovaldi Approval in Japan
Maxim Group's healthcare analyst Jason Kolbert has high hopes for Gilead Sciences, Inc. (NASDAQ:GILD), reiterating a Buy recommendation on the stock with a 12-month price target of $127, following last week's news that the Japanese Ministry of Health, Labour and Welfare has approved the company's hepatitis C virus (HCV) drug Sovaldi for the suppression of viremia in patients suffering from genotype 2 chronic HCV infection with or without compensated cirrhosis.
Kolbert note, "Gilead's stock has been volatile within an unstable Biotechnology marketplace, but we see good news in the Sovaldi approval in Japan, which is in line with our expectations. Sovaldi is indicated for use in combination with ribavirin (RBV) for 12 weeks. Sovaldi (in combination with RBV) is the first all-oral, interferon-free treatment regimen for genotype 2 HCV infection. Sovaldi is also the first product to be marketed by Gilead in Japan."
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 8.3% and a 45.0% success rate. Kolbert has an 17.7% average return when recommending GILD, and is ranked #413 out of 3558 analysts.