Gilead lower on reported failed remdesivir study

Gilead Sciences (GILD -1.9%) is down, albeit on below-average volume, on a Financial Times report that antiviral remdesivir failed its first study in COVID-19 patients.

Update: Draft documents on the China-based study, apparently posted online by accident (quickly removed) by the World Health Organization (WHO), stated that remdesivir failed to improve patients’ conditions nor reduced the level of SARS-CoV-2 virus in the blood. The trial was terminated early due to low enrollment.

Update: Gilead counters that the study was underpowered for efficacy considering the early termination and the WHO documents contained “inappropriate characterizations” of the trial.

Update: Baird’s Brian Skorney says the “sobering” data showed “no real effect” and a safety signal, although he is still bullish on a targeted antiviral approach to treat COVID-19. SunTrust’s Robyn Karnauskas believes that the drug could still work in moderately ill patients.

Update: In a statement, Gilead says the results were inconclusive although trending to show a benefit, adding that WHO removed the posted data since the investigators had not given permission to publicize. It continues to expect to announce results from an open-label study in severely ill patients by month-end and results from another open-label study in moderately ill patients by the end of May.

https://seekingalpha.com/news/3563777-gilead-lower-on-reported-failed-remdesivir-study