Biopharmaceutical company Gilead Sciences (NASDAQ:GILD) slid in trading after the company gave an update about its Phase 3 EVOKE-01 study evaluating Trodelvy in the treatment of previously treated metastatic non-small cell lung cancer (NSCLC).
The company stated that the Phase 3 study did not meet its primary endpoint of overall survival when compared to docetaxel. Gilead added that an improvement was seen in overall survival favoring Trodelvy, including in patients whose histology is both squamous and non-squamous.
Trodelvy was generally well tolerated, according to Gilead, and no new safety signals were seen in this group of patients. The company plans to discuss these trial results with regulators.
Is GILD a Good Stock to Buy?
Analysts remain cautiously optimistic about GILD stock with a Moderate Buy consensus rating based on 10 Buys and nine Holds. Over the past year, GILD stock has gained by more than 8%, and the average GILD price target of $90.41 implies an upside potential of 15.2% at current levels.
