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Yahoo BusinessOct 26, 2020
Good Entry Point for Gilead Sciences (GILD)? Not Just Yet, Says Analyst
Gilead Sciences (GILD) notched a first last week, when its antiviral coronavirus treatment Veklury (remdesivir) received full FDA approval.The treatment had previously been granted emergency use authorization (EUA), but the complete go ahead from the regulatory body makes it the first treatment to make it across the finish line.However, ultimately, Raymond James analyst Steven Seedhouse does not expect the long-awaited approval to have the impact investors might hope for."The formal FDA approval doesn't change our estimates or outlook for remdesivir, given it has already been branded standard-of-care prior to formal approval," Seedhouse said. "But the label and approval is pretty much a best case for GILD vs. what could have been post SOLIDARITY results. It remains unclear how frequently Veklury actually gets used going forward. Especially given the myriad post marketing requirements including requirement to more rigorously look at viral shedding and viral load in all samples collected and submit to FDA (which we suspect will show limited or no effect and thus offer no mechanistic support)."Gilead stock has been on a roller coaster ride in 2020. Shares rose dramatically following the pandemic's onset, as hopes were pinned on remdesivir to play its part in the battle against COVID-19.However, questions about the drug's commercial potential and contradicting clinical results, amongst other issues, have sent the share price on a downward trajectory since April's yearly peak.Earlier this month,
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