Needham upgraded Gilead (GILD) to Buy from Hold with a $133 price target The firm cites its positive physician survey for Yeztugo in HIV pre-exposure prophylaxis for the upgrade. The survey indicates physicians see a 49% increase from the current pre-exposure prophylaxis market by 2030 and Yeztugo capturing 38% market share, the analyst tells investors in a research note. Needham believes this is not captured in consensus estimates and that Yeztugo is a key driver for Gilead shares. The survey results increase the firm’s confidence that the drug could be a multi-billion dollar contributor to sales growth over the next several years.
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