Mizuho Securities analyst Salim Syed has maintained their bullish stance on GILD stock, giving a Buy rating yesterday.
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Salim Syed has given his Buy rating due to a combination of factors surrounding Gilead Sciences’ recent developments. The approval of Yeztugo (lenacapavir) by the FDA for HIV PrEP marks a significant milestone, as it offers a twice-yearly maintenance dosing option, which is a notable advancement over existing treatments. This innovation has the potential to expand the market to a broader range of populations beyond the current estimates of eligible consumers.
Furthermore, Syed highlights the impressive efficacy of Yeztugo, which has demonstrated a substantial reduction in the risk of HIV-1 infection compared to existing treatments. The projected peak sales for Yeztugo are estimated to reach approximately $8 billion worldwide, significantly surpassing the consensus estimates. This optimistic outlook is supported by Gilead’s track record of exceeding expectations with previous HIV product launches, such as Biktarvy.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $125.00 price target.