Gilead Sciences Inc (GILD)

[BottomBounce]

$GILD Piper Sandler analyst Tyler Van Buren raised the firm's price target on Gilead Sciences (GILD) to $95 from $83 and keeps an Overweight rating on the shares. The analyst says that while Gilead paid an "aggressive premium" for Immunomedics (IMMU), he loves the asset and the company's foray into solid tumors. "This is exactly what we have been waiting for," Van Buren tells investors in a research note. The acquisition provides Gilead with the potential to become a solid tumor "powerhouse," which could complement its existing cell therapy and immuno-oncology efforts, says the analyst.