Supreme Court decision win for Gilead, says Wells Fargo

Wells Fargo analyst Mohit Bansal says Friday’s Supreme Court decision to continue the no cost sharing mandate for prevention in the Braidwood case likely removes a key overhang for many generalist investors looking to become constructive on Gilead (GILD) However, “macro headwinds have been keeping them at bay,” the analyst tells investors in a research note. Nevertheless, Wells says the ruling is a win for Gilead and its launch of lenacapavir in pre-exposure prophylaxis. The firm sees potential for a “robust launch, driven by physician excitement and rapid adoption potential.” It keeps an Overweight rating on Gilead with a $140 price target