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A senior research analyst at Piper Sandler believes Gilead Sciences Inc.'s (NASDAQ:GILD) Remdesivir antiviral may soon be approved for COVID-19 treatment.
Tyler Van Buren maintains a Neutral rating on Gilead with a price target of $70.
Remdesivir has been shown to be effective against COVID-19. Clinical data indicates Remdesivir is safer than alternative Favipiravir and also more effective. Van Buren said data gathered from 200 patients is “highly encouraging” and Remdesivir drug trials are positive.
Trials conducted in China and Japan indicate that Favipiravir, which is manufactured by Toyama Chemical Co. owned by FUJIFILM Holdings Corp (OTC:FUJIY) under the brand name Avigan, also has efficacy against RNA viruses. The drug is somewhat effective in treating COVID-19, but needs to be used early on, according to Japanese officials.
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Van Buren said there are currently five Remdesivir trials underway, of which two are in China. China’s test results should be out by the end of the month. Gilead’s own two trial results will follow next. These are shorter 14-day trials but with restrictive entry criteria. A 30-day NIAID Hospitalized US Adult Phase II trial is also being carried out to measure Remdesivir’s efficacy against a placebo.
Remdesivir is likely to be approved for broad use in the coming months, Van Buren wrote in a note. Due to the COVID-19 epidemic, the U.S. Food and Drug Administration may consider fast-tracking approval.
Gilead shares traded 1.6% higher Thursday morning. The stock closed Wednesday's session 6.58% higher at $79.42.