Gilead price target raised to $132 from $115 at Oppenheimer

Oppenheimer raised the firm’s price target on Gilead (GILD) to $132 from $115 and keeps an Outperform rating on the shares. The firm says that with Gilead shares nearing all-time highs, investors have been asking Oppenheimer what’s keeping the momentum going near-term. The firm’s answer: TRODELVY. The frontline ASCENT-03 trial is rapidly approaching, and with Dato-DXd’s recent OS miss in HR+ breast cancer, the firm has more reason to believe TRODELVY’s relatively unstable linker may be a feature instead of a bug. Oppenheimer is bullish on ASCENT-03, and thinks the frontline triple-negative opportunity could add another billion in sales for the drug.