Maxim Group’s Jason Kolbert upped his target for Gilead Sciences (GILD) today, based on potential sales of Sovaldi.
Bloomberg Shares of Gilead gained 104% in 2013, besting Amgen‘s (AMGN) 35% rise, Regeneron Pharmaceuticals (REGN) 61% advance, and Biogen Idec (BIIB) 91% increase but lagging Celgene’s (CELG) 115% rise.
Kolbert explains his bullishness:
Based on others' outside data, we are told that IMS second-week scripts for Sovaldi have been strong, potentially with over 800 patients started on the drug. We are not surprised by the initial robust nature of scripts as we know there have been patients warehoused. Our understanding is that consensus expectations for 4Q Sovaldi revenues are approximately $80M.
This is only the beginning. Sovaldi has yet to be launched as an STR (single tablet regimen). Based on the recent top-line data from the ION trials, we believe that Sovaldi is viable as an STR—an interferon-free and/or RVN-free regimen—and will open up the HCV marketplace.
Kolbert, who rates Gilead Sciences a Buy, raised his price target to $98 from $89.
Kolbert’s bullishness hasn’t helped Gilead much today. Its shares have dropped 0.4% to $74.79 today at 9:59 a.m., while Amgen has gained 0.2% to $114.20, Regeneron Pharmaceuticals has dropped 1.6% to $270.75, Biogen Idec has fallen 0.5% to $278.30, and Celgene has gained 0.4% to $169.70.
No comments:
Post a Comment