New data on Gilead oral GLP-1 coming at conference next week, says Jefferies

Jefferies notes that Gilead presented a preclinical poster on GS-4571, its oral GLP-1 drug, last year and that new monkey data will now come at the ADA conference next week. Gilead has been a laggard, falling 21% year-to-date, and sentiment “remains lackluster on the pipeline” versus peers, but the stock setup is “interesting” and shares “could bounce from here as a real non-consensus long,” given extreme negative positioning by hedge funds and also some catalysts, argues the analyst. The firm maintained a Buy rating and $80 price target on Gilead, which has risen about 3% to $64.44 in early Friday trading.