Gilead price target lowered to $95 from $100 at BMO Capital

BMO Capital analyst Evan Seigerman lowered the firm’s price target on Gilead to $95 from $100 and keeps an Outperform rating on the shares ahead of the Q2 earnings report. Gilead’s continued declines over the last quarter have largely been reactionary and not reflective of the underlying business, which still remains strong, bolstered by its best-in-class CD19 cell therapy franchise, stable HIV franchise, and progressing oncology business, and BMO Capital still sees a path for Gilead’s TIGIT program post-ARC-7 and believes Arcellx will be able to address the noted issues FDA raised in their clinical hold, the analyst tells investors in a research note.