BofA Securities analysts upgraded Gilead Sciences (NASDAQ:GILD) from a Neutral rating to a Buy, with a revised price target of $95.00, up from the previous $88.00 target. As a result, the company’s shares rose more than 3% intra-day today.
The bank’s rationale for this upgrade is based on their belief that Gilead’s increasing growth and expanding pipeline are not fully recognized by investors. The analysts highlighted Gilead’s strong performance in its core HIV business and the emerging hematology/oncology (heme/onc) sector, despite recent setbacks with magrolimab’s development for blood cancers MDS & AML and a decrease in revenue from Veklury due to declining COVID-19 cases.