Wells Fargo lowered the firm’s price target on Gilead to $78 from $84 and keeps an Equal Weight rating on the shares after meeting with management. The company highlighted that it continues to see CAR-T as a long-term growth avenue and noted that BCMA CAR-T is a nice addition to it, the analyst tells investors in a research note. However, the firm update its 2025 and beyond HIV numbers to account for Medicare part D impact in 2025. Wells is estimating the impact to be $700M on HIV sales in 2025, which means flat year-over-year revenues for 2025.
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