Gilead cut to Hold at Maxim on valuation

Maxim downgraded Gilead (GILD) to Hold from Buy. The stock has appreciated significantly following a pullback in the first half of the year, reaching a 5-year-high and exceeding the firm’s 12-month price target the analyst tells investors in a research note. At these levels, the market is fully capturing the value of Gilead’s dominant HIV franchise and near term growth drivers, though the firm continues to see potential growth drivers for Gilead coming from PrEP, with Lenacapvir likely to be filed before year-end 2024, and the ongoing growth for Livdelzi in primary biliary cholangitis, Maxim added.