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why is gilead stock dropping

“Riva's departure has absolutely nothing to do with GILD's future commitment to cell therapy.” RBC Capital Markets’ Brian Abrahams reiterated an Outperform rating as well. Gilead Sciences stock (ticker: GILD) fell on Wednesday, after the resignation of its head of oncology therapeutics.Copyright ©2020 Dow Jones & Company, Inc. All Rights ReservedThis copy is for your personal, non-commercial use only. This copy is for your personal, non-commercial use only. The … listed companies working on Coronavirus vaccines, have fared better that companies working on therapeutics, gaining 130% year-to-date. Trefis is currently used by hundreds of thousands of investors, company employees, and business professionals.Opinions expressed by Forbes Contributors are their own. “Over the long term, we’ve introduced a new strategy to drive growth by growing our pipeline internally and, importantly, also externally through our ongoing [business development] activities.”In a note on Tuesday after the announcement, Raymond James analyst Steven Seedhouse downgraded Gilead to Outperform from Strong Buy and cut his price target to $80 from $81.“We believe GILD shares remain undervalued and GILD is likely to outperform in the next 12-18 months,” Seedhouse wrote.

Oncology is one area where bulls have pinned their hopes. Leading stocks tend to have RS Ratings of 80 or above. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. The Gilead Stock Is Down Because the Market Is Overreacting . It is a trending stock that is worth watching. April 11, 2020. Read Next U.S., China agree to expand airline flights between them to … For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. CAR-T therapies—which use a patient’s T-cells to attack a cancer—are a hot area of research, so some investors might be worried that Riva’s departure will be a setback for the division (or even signal frustration with its progress).“We are well positioned to continue to grow and confident in our ability to continue to advance our pipeline of novel therapeutics for people living with cancer,” the company said.Not many analysts have weighed in on the news yet, but on Wednesday, Mizuho’s Salim Syed reiterated a Buy rating and $88 price target on Gilead. 5 stock analysts on Stockchase covered Gilead Sciences Inc. For the best Barrons.com experience, please update to a modern browser. The platform uses extensive data to show in a single snapshot what drives the value of a company's business. Gilead, like other biotechs, had a difficult 2018, and the stock is still down 21.5% in the trailing 12-month period, as of Wednesday afternoon. Gilead's stock is up 14.7% year-to-date; the S&P 500 SPX, -0.44% is down 11.9%. Kimberly White/Bloomberg News Surprisingly, the founders of Trefis discovered that along with most other people they just did not understand even the seemingly familiar companies around them: Apple, Google, Coca Cola, Walmart, GE, Ford, Gap, and others.

We've detected you are on Internet Explorer. We've detected you are on Internet Explorer. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.https://www.barrons.com/articles/gilead-stock-is-down-because-the-market-is-overreacting-51551901559But the drop may not have much merit, analysts say.

You can play with assumptions, or try scenarios, as-well-as ask questions to other users and experts. CEO Daniel O’Day, who took the helm in December, has oncology experience of his own, Abrahams writes, which should help steer the ship until a replacement is found.

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