AstraZeneca data removes ‘slight overhang’ on Gilead, says Jefferies

Jefferies notes that ESMO late-breaking abstracts were released early and two Phase 3 studies for Trodelvy competitor, AstraZeneca’s (AZN) Dato-DXd, were reported among them. Many investors have been worried that Dato-DXd data would be very strong in Phase 3 HR+ breast cancer and become a competitive threat to Gilead’s (GILD) “home turf” of HR+breast cancer, but the Dato-DXd results reported show “more similar rather than hugely better” data than Gilead, the analyst tells investors. Gilead shares have rallied on the Dato data today being “less than feared,” which is a slight overhang removed and positive for Gilead, added the analyst, who keeps a Buy rating and $90 price target on the stock.