Gilead discontinuation ‘curious,’ but shouldn’t derail cancer momentum, says RBC

RBC Capital analyst Brian Abrahams noted that a clinicaltrials.gov listing for a trial of GS-3583 in participants with advanced solid tumors was updated to note that Gilead decided to prematurely discontinue the Phase 1 study about one-third of the way through due to safety issues. While this is "curious," its a "non-material development" given that this agent "has not necessarily been a high-profile drug for investors," said Abrahams, who thinks this news should not "derail" the oncology momentum he sees at the company. Abrahams has an Outperform rating and $87 price target on Gilead shares.