Gilead price target lowered to $93 from $95 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on Gilead to $93 from $95 and keeps a Buy rating on the shares after Gilead reported that the TROPiCS-04 confirmatory study for Trodelvy in second-line and later metastatic urothelial cancer, or bladder cancer, patients progressing on or after platinum-based chemotherapy and checkpoint inhibitors failed to meet its primary endpoint of overall survival, or OS. On an absolute basis, the firm’s peak sales estimate for Trodelvy is now $2.1B, versus a prior $2.7B forecast and consensus at $3.4B, the analyst tells investors. While the firm acknowledges that the negative update puts Trodelvy’s accelerated approval for advanced bladder cancer in “jeopardy,” it said the positive trend in survival observed “likely keeps accelerated approval in place for now.”