Gilead Sciences, Inc. (NASDAQ:GILD) announced detailed 48-week results from two large Phase 3 clinical trials (Studies 108 and 110) evaluating once-daily tenofovir alafenamide (TAF) 25 mg in treatment-naïve and treatment-experienced adults with HBeAg-negative and HBeAg-positive chronic hepatitis B virus (HBV) infection. Data were presented this week during two oral sessions (GS06 and GS12) at The International Liver Congress™ 2016 in Barcelona, Spain.
Both studies met their primary endpoints of non-inferiority to Gilead’s Viread® (tenofovir disoproxil fumarate, TDF) 300 mg based on the percentage of patients with HBV DNA levels below 29 IU/mL at 48 weeks of therapy. In addition, TAF demonstrated improved renal and bone laboratory safety parameters compared to Viread. Discontinuations due to adverse events were uncommon in both treatment arms. The most commonly reported adverse events in both studies included headache, upper respiratory tract infection, nasopharyngitis and cough, and occurred at similar rates in patients receiving either TAF or Viread. A summary of the topline study results was disclosed in a press release dated January 5, 2016.
“Chronic hepatitis B infection is a life-threatening disease that can lead to liver failure, liver cancer and death,” said Norbert Bischofberger, PhD, Executive Vice President, Research and Development and Chief Scientific Officer, Gilead Sciences. “With millions of people living with the disease, it remains a significant health concern worldwide. The TAF Phase 3 results presented this week demonstrate its potential to advance the treatment of HBV – offering a similar efficacy profile to Viread with improved bone and renal safety parameters.” (Original Source)
Shares of Gilead Sciences closed yesterday at $98.19, up $1.00 or 1.03%. GILD has a 1-year high of $123.37 and a 1-year low of $81.89. The stock’s 50-day moving average is $91.60 and its 200-day moving average is $96.61.
On the ratings front, Gilead has been the subject of a number of recent research reports. In a report issued on April 11, Robert W. Baird analyst Brian Skorney maintained a Buy rating on GILD, with a price target of $135, which implies an upside of 37.5% from current levels. Separately, on April 6, Jefferies Co.’s Brian Abrahams reiterated a Hold rating on the stock and has a price target of $97.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Skorney and Brian Abrahams have a total average return of 1.4% and 13.8% respectively. Skorney has a success rate of 50.9% and is ranked #1403 out of 3798 analysts, while Abrahams has a success rate of 60.0% and is ranked #225.
The street is mostly Bullish on GILD stock. Out of 19 analysts who cover the stock, 14 suggest a Buy rating and 5 recommend to Hold the stock. The 12-month average price target assigned to the stock is $110.60, which implies an upside of 12.6% from current levels.