Gilead Sciences Inc. (GILD) said it is expecting to have initial remdesivir drug data in coming weeks. The experimental drug is currently being evaluated as a potential treatment for coronavirus patients.
“Multiple studies are ongoing, and we are on track to have initial data in the coming weeks,” said Gilead CEO and chairman Daniel O’Day. “If it is approved, we will work to ensure affordability and access so that remdesivir is available to patients with the greatest need.”
TipRanks analytics show out of 19 analysts, 10 are bullish with a Buy rating on Gilead stock, 8 are sidelined with a Hold rating and only 1 is bearish with a Sell rating. The 12-month consensus price target of $77.67 shows a modest potential upside of 6.6%. (See Gilead stock analysis on TipRanks)
O’Day said that Gilead was making remdesivir available outside of the clinical trials and investigating whether it is effective as a treatment for COVID-19. Distribution of the drug will be under a government-approved “expanded access” program. Remdesivir was originally developed for the Ebola virus by Gilead.
More recently, studies have shown it could potentially block the ability of SARS-CoV-2, the virus that causes COVID-19, to replicate. Until now, remdesivir has been given to more than 1,000 coronavirus patients, O’Day added.
“With expanded access, hospitals or physicians can apply for emergency use of remdesivir for multiple severely ill patients at a time,” Gilead’s O’Day said . “While it will take some time to build a network of active sites, this approach will ultimately accelerate emergency access for more people.”
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