Evercore ISI views the 10% selloff today in shares of Gilead after Phase 3 EVOKE-01 study did not meet its primary endpoint of overall survival in previously treated metastatic non-small cell lung cancer as an overreaction. The reason to like the shares is that Gilead is a long-term growth story, and that remains fully intact, the analyst tells investors in a research note. The firm had viewed EVOKE-01 as a high risk study and keeps an Outperform rating on the shares.
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