Investing.com – Morgan Stanley Upgrade Gilead Sciences Inc (NASDAQ:) to “overweight” from “equal weight,” raising the price target to $113 from $87 on Lenacapavir (PrEP) for HIV prevention and next-generation HIV treatments.
“We see potential for upward estimate revisions to LEN for PrEP and further multiple expansion as the company makes progress on its next-generation HIV treatment strategy.” Morgan Stanley (NYSE:) analyst wrote.
The brokerage highlighted Gilead’s promising pipeline, including the CAR-T Anito-cel treatment for multiple myeloma, and expected revenue and EPS growth of 4.1% and 7.3% annually through 2033, outperforming peers.
Gilead shares, which trade at about 12 times 2025 earnings, offer room for further multiple expansion, Morgan Stanley said.
Morgan Stanley sees catalysts such as FDA approval and launch of LEN for the treatment of PrEP in summer 2025, Phase 2 data for the once-weekly oral formulation of the drug in 2025, preliminary data for the once-weekly injectable formulation of LEN and a decision on a monthly oral dosage. INSTI filter.
The brokerage said the most significant risk to its advocacy would be any potential policy changes regarding Medicaid budgets that affect HIV treatments.
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