UBS analyst Carter Gould upgraded Gilead Sciences to Buy from Neutral and raised his price target for the shares to $77 from $75. Following the failure of selonsertib in nonalcoholic steatohepatitis, Gilead announced “two important clinical wins” in the positive Descovy PrEP data and filgotinib Finch1/3 data, Gould tells investors in a research note. These unlock two $2B-plus revenue opportunities and go “far to de-risk” the company’s growth in 2021 and beyond, contends the analyst. Further, while the analyst expects a Q1 earnings miss, he believes 2019 estimates will move higher as NASH precommercialization spend likely comes out of guidance.
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