Gilead price target raised to $105 from $95 at Oppenheimer

Oppenheimer raised the firm’s price target on Gilead (GILD) to $105 from $95 and keeps an Outperform rating on the shares. The firm thinks change is in the air, with the company finally freeing itself from the shackles of some questionable BD and getting back to its roots as the innovator in antivirals. It starts with lenacapavir, a drug that can dually serve as a next-generation backbone for HIV treatment while also expanding the reach of PrEP into the mainstream. Oppenheimer believes the PrEP market could be ripe for growth if thinking outside the traditional MSM/high-risk market. Oncology is also making strides, with double-digit growth in TRODELVY and a partner in Arcellx that looks to have a best-in-class CAR-T for multiple myeloma.