Gilead downgraded to Neutral from Overweight at Piper Jaffray

Piper Jaffray analyst Tyler Van Buren downgraded Gilead Sciences to Neutral and lowered his price target for the shares to $75 from $85. The stock in premarket trading is up 18c to $68.80. The company reported good Q3 results, but its annualized revenue growth between 2018 and 2023 looks to be around 3%, “which isn’t exciting,” Van Buren tells investors in a research note. The broader issue is that “this very large base of revenue requires a pipeline of significant magnitude to achieve attractive growth,” claims the analyst. Further, Van Buren does not a high level of confidence in three key franchises that Gilead is betting on: Yescarta/CART, filgotinib/oral JAK, and nonalcoholic fatty liver disease
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