Gilead Sciences Inc (GILD)

[Tha Part Time Er]

Shares of Gilead Sciences Inc. GILD, +0.25% gained 1.1% in premarket trading on Wednesday after SVB Leerink upgraded the drugmaker to outperform from market perform. Analysts there predict that remdesivir, Gilead's experimental COVID-19 treatment that has received an emergency use authorization from the Food and Drug Administration, will generate annual peak revenue of $7.7 billion in 2022. They are also in support of Gilead's recent investment in Arcus Biosciences Inc. RCUS, -3.33%, which gives the drugmaker "critical mass in oncology.". "With these additional opportunities we believe a valuation of $94+ is realistic, perhaps as soon as the company declares its price for commercial sale of remdesivir," SVB Leerink analyst Geoffrey Porges wrote. He expects Gilead to price remdesivir at around $5,000 for a course of treatment, at the list price in the U.S. Gilead's stock is up 12.7% year-to-date, while the S&P 500 SPX, +0.78% is down 4.6%