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MarketScreener Homepage  >  Equities  >  Nyse  >  Piper Sandler Companies    PIPR

PIPER SANDLER COMPANIES

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Gilead shares rise after United States approves remdesivir as COVID-19 drug

10/23/2020 | 10:52am EST
FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen during the outbreak of the coronavirus disease (COVID-19), in California

(Reuters) - Shares of Gilead Sciences Inc rose 6% on Friday after its antiviral drug, remdesivir, became the first and only approved treatment for COVID-19 in the United States.

The U.S. health regulator's approval on Thursday for its use in hospitalized patients came despite the World Health Organization last week saying the drug did not have a substantial effect on patients' length of hospital stay or chances of survival in a global trial.

The U.S. Food and Drug Administration's (FDA) backing signals its confidence in Gilead's U.S.-based study results, which showed the drug was able to cut time to recovery in patients, Piper Sandler analyst Tyler Van Buren said in a client note.

Remdesivir has been available under an FDA emergency use authorization since May, after a study led by the National Institutes of Health showed it reduced hospital stays by five days.

The drug, given intravenously, could generate over $1 billion in sales during the second half of the year at the current case rate, analyst Van Buren said.

Remdesivir, which will be sold under the brand name Veklury, costs $3,120 for a five-day treatment course, or $2,340 for government purchasers such as the Department of Veterans Affairs.

Shares of Gilead were up 5.67% at $64.11 before the bell.

(Reporting by Manojna Maddipatla in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
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Financials (USD)
Sales 2020 1 096 M - -
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -338x
Yield 2020 1,32%
Capitalization 1 296 M 1 296 M -
Capi. / Sales 2020 1,18x
Capi. / Sales 2021 1,17x
Nbr of Employees 1 249
Free-Float 72,6%
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Number of Analysts 3
Average target price 93,00 $
Last Close Price 94,55 $
Spread / Highest target 4,71%
Spread / Average Target -1,64%
Spread / Lowest Target -7,99%
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NameTitle
Chad Richard Abraham Chairman & Chief Executive Officer
Debbra L. Schoneman President, Director & Managing Director
Timothy L. Carter CFO, Principal Financial & Accounting Officer, MD
Shawn Quant Chief Information Officer & Managing Director
Jonathan J. Doyle Vice Chairman & Head-Financial Services
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