Gilead price target lowered to $100 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on Gilead to $100 from $105 and keeps an Overweight rating on the shares after the company anounced that it is discontinuing ENHANCE, which was its Phase III trial evaluating magrolimab in combination with azacitidine in higher-risk myelodysplastic syndromes, due to futility based on a planned analysis. This is a “significant blow” to Gilead’s 2020 $4.9B acquisition of Forty Seven, especially given that this trial was in an indication in which many believed magrolimab would carry the highest probability of success, the analyst tells investors in a research note.