Leerink upgraded Gilead (GILD) to Outperform from Market Perform with a price target of $96, up from $74. The stock has appreciated following “outstanding” Phase 3 outcomes with twice annual lenacapavir for HIV pre-exposure prophylaxis, and Leerink agrees with investor enthusiasm on the growth outlook, the analyst tells investors in a research note. The firm believes Gilead has an opportunity to add to the HIV momentum with data read-outs from its “diverse portfolio” of longer-acting HIV treatments. It says any success has an outsized impact on the stock’s valuation, given that it estimates Biktarvy sales will drive 45% of Gilead revenues prior to its loss-of-exclusivity in 2033.
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