03:35 PM EDT, 06/20/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We raise our target to $73 from $70, 10.1x our 2025 EPS, in line with GILD's historical forward P/E average. We lower our 2024 EPS view to $3.98 from $4.14 and keep 2025's at $7.23. Shares of GILD went up more than 9% intraday today following the positive data release from the company's Phase 3 Purpose 1 clinical trials for Lenacapavir, a twice yearly shot to prevent HIV. The results were quite strong, in our view, as they showed 100% efficacy and zero infections in a group of 2,134 women who received the shot and tolerated it well in general. Gilead plans to share more details of the study at a future conference; it expects results from Purpose 2 studies in late 2024/early 2025, which will be key to follow. GILD will use the data from Purpose 1 and Purpose 2, if positive, for a potential regulatory approval. While we deem the news encouraging, we keep our mixed view on GILD shares until the commercial opportunity becomes more concrete, which we do not expect to happen until at least late 2025.