Oppenheimer says Gilead (GILD) provided a “welcome surprise” this morning with ASCENT-04 hitting its primary endpoint. The firm was not expecting the readout until after ASCENT-03. ASCENT-04 could read through positively to ASCENT-03, the analyst tells investors in a research note. Oppenheimer points out Trodelvy drives the bulk of Gilead’s five-year growth, much more than lenacapavir and the HIV franchise. It reiterates an Outperform rating on the shares with a $132 price target
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