Gilead price target cut at Wells Fargo on lower Trodelvy estimates
Justin Sullivan/Getty Images News


Wells Fargo is maintaining its equal weight rating but has cut its price target on Gilead Sciences (GILD -0.0%) to $63 from $70 (~6% upside based on Monday's close).
Analyst Mohit Bansal said he is lowering estimates on sales from Trodelvy (sacituzumab) for HR+ breast cancer following data signals regarding progression-free survival ("PFS") from the TROPiCS-2 trial.

"Furthermore, we see competition from Enhertu's DESTINY-Breast-04 data, which hit stat-sig on both PFS and [overall survival] in HR+/HER2 low breast patients," he wrote.
While Bansal doesn't see much downside risk for Gilead (GILD -0.0%), he also doesn't see much upside potential.
Barclays also cut the price target for Gilead (GILD -0.0%) following the new Trodelvy data.