Gilead assumed with a Buy at Truist

Truist analyst Gregory Renza assumed coverage of Gilead (GILD) with a Buy rating with a price target of $140, down from $145. The firm is positive on the continued strength for the company’s HIV franchise, supported by Biktarvy’s patent settlement and positive momentum across next-generation programs,most notably Yeztugo’s PrEP launch and Bic/Len’s positive phase 3 readout, pointing to a healthy outlook into the next-decade, the analyst tells investors in a research note. Truist adds that it also views the oncology franchise as a key growth pillar led by Trodelvy and anito-cel, further noting that Livdelzi’s launch in PBC – Primary Biliary Cholangitis – is off to a strong start.