Gilead price target raised to $83 from $82 at Truist

Truist raised the firm’s price target on Gilead to $83 from $82 and keeps a Hold rating on the shares. The FDA approval of seladelpar for primary biliary cholangitis marks another step towards transforming Gilead’s liver diseases franchise, and the firm is forecasting the company’s sales potential of over $1B for this asset, the analyst tells investors in a research note. Truist adds that it is optimistic that favorable data from the PURPOSE-2 will significantly expand GILD‘s position in the PrEP market.