Needham Remains Positive on Gilead Sciences, Inc. Following Clinical Results From Multiple HCV Programs
In a research report issued today, Needham analyst Alan Carr reiterated a Buy rating on Gilead Sciences, Inc. (NASDAQ:GILD) with a $120 price target, after the company reported results from several Phase 2 clinical studies evaluating investigational uses of Harvoni® and other Sovaldi®-based regimens for the treatment of chronic hepatitis C virus (HCV) infection in patients with advanced liver disease, including patients with decompensated cirrhosis, patients with fibrosing cholestatic hepatitis C and patients with portal hypertension.
Carr wrote, “Gilead presented results from multiple HCV programs at the EASL meeting. Of interest were results from a Phase 2 trial evaluating 4- and 6- wk tx w/sofosbuvir/GS-5816/GS-9857 in GT1 pts. Efficacy was generally encouraging in tx-naive pts treated for 6-wks (SVR12 non-cirrhotic 14/15; cirrhotic 13/15), although some tx-experienced pts (SVR12 20/30 prior antiviral failure +/-cirrhosis) will evidently require longer tx-duration.”
Furthermore, “The 3-drug regimen was not effective when administered for only 4 wks (SVR12 4/15). Gilead is exploring longer tx-duration regimens (8 and 12 wk). Although Gilead holds the lead in time-to-market in HCV, we still await discovery of the ideal short-duration once-daily single-tablet regimen with pan-GT activity in all HCV pts. We reiterate BUY and $120 price target.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Alan Carr has a total average return of 43.9% and a 76.8% success rate. Carr has a 58.7% average return when recommending GILD, and is ranked #5 out of 3581 analysts.