Wolfe Research starts Gilead at Outperform on ‘multiple shots on goal’

Wolfe Research initiated coverage of Gilead (GILD) with an Outperform rating and $110 price target Gilead’s bread and butter has been and remains the treatment and prevention of HIV and liver disease, and while its oncology program has disappointed in the past, the stock offers “multiple shots on goal” in early and late-stage oncology, which are seen as “free call options”, the analyst tells investors in a research note. Gilead remains undervalued, as the Street still doesn’t fully appreciate the commercial opportunity for lenacapavir in PrEP, lenacapavir + a partner in HIV treatment, and Livdelzi in PBC, the firm adds.