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Gilead's shares rise on report of experimental drug's promise in COVID-19

Stock MarketsApr 17, 2020 10:00AM ET
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(Reuters) - Shares of Gilead Sciences Inc (O:GILD) rose 10% in early trading on Friday after a report that patients with COVID-19 treated with the company's experimental drug, remdesivir, in a clinical trial showed rapid recovery in fever and respiratory symptoms.

There are currently no approved treatments or vaccines for the coronavirus, which has infected 2.14 million globally, according to a Reuters tally, and remdesivir is one of the treatments that has captured investor's attention.

But analysts and the company urged caution on drawing conclusions from the report by medical news website Stat that also helped buoy the broader markets.

Gilead said the totality of the data from the trial needed to be analyzed, and expects to report results from a study in severe COVID-19 patients at the end of the month, and data from other trials in May.

The report said the University of Chicago Medicine Hospital was seeing rapid recoveries in fever and respiratory symptoms in patients with severe COVID-19 in a trial of the drug it was participating.

"While the article paints a pretty picture, we think the ensuing exuberance shows a lack of critical analysis," said Baird analyst Brian Skorney.

Skorney added investors looking for a definitive conclusion when the severe study reads out will likely be disappointed as the study offers no control, "just five days of remdesivir vs. 10 days of remdesivir."

Wall Street rose on Friday, boosted by President Donald Trump's new guidelines to reopen the economy and Boeing (NYSE:BA)'s plans to resume production.

"There will no doubt be cautionary announcements by various scientific bodies about the validity of a partial set of results from a tiny trial," said Jeffrey Halley, a markets analyst at OANDA.

"Markets, though, will likely do their very best to ignore those, preferring to concentrate on ... a potential treatment for COVID-19 symptoms."

Gilead's shares rise on report of experimental drug's promise in COVID-19
 

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Comments (6)
Alejandro Pieroni
Alejandro Pieroni Apr 18, 2020 4:16PM ET
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Fake news not supported double blind trial but pushed by scammers to make money of it.
Kaveh Sun
Kaveh Sun Apr 17, 2020 11:56AM ET
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Un confirmed reports:Remdesivir shows 68% improvement. Hydroxychloroquine if takes early shows 61% improvement, if late it reduces the amount of virus but outcome(death rate) is inconclusive. HCQ is dirt cheap and effective if taken early.
Alejandro Pieroni
Alejandro Pieroni Apr 17, 2020 11:56AM ET
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That is not supported by trials
Robert DZ the patterns
Robert DZ the patterns Apr 17, 2020 11:33AM ET
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Stock market is now medical market. Once they find allergy medicine that won't cause drowsiness then matkets should jump 20% because people won't miss work because of allergies. LOLOL
Nick Smith
Nick Smith Apr 17, 2020 11:25AM ET
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And yet the price has now dropped from opening go figure
Mars Zero
Mars Zero Apr 17, 2020 11:25AM ET
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because it was fake just to pump price in order for some hedgefund to drop its shares
Ed Winn
Ed Winn Apr 17, 2020 11:21AM ET
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China is still using it. It's no1 candidate for Covid19 treatment. It was used on severely ill patients 152 had been cured and 2 died due to complications. It works.
Kaveh Sun
Kaveh Sun Apr 17, 2020 10:29AM ET
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China said it doesnt work. I love to see the results.
 
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