Gilead Sciences shares got downgraded by BMO Capital and Wells Fargo analysts.
BMO Capital's Matthew Luchini slashed his rating on the bitotech company’s stock to market perform from outperform. Luchini re-iterated his price target at $79.
While Luchini thinks that Gilead’s anti-COVID-19 drug remdesivir is encouraging, he also mentions "continued uncertainty around the remdesivir commercial opportunity," . That’s what makes him neutral on the shares "ahead of a better entry point."
Wells Fargo analyst Jim Birchenough lowered rating on the stock, to equal-weight from overweight. He maintained his target price, at $87. Birchenough is hopeful about remdesivir being a part of a potential economic recovery from the coronavirus pandemic; but he also feels that there is uncertainty regarding the amount of revenue the drug will generate for Gilead.