Gilead price target slashed at Barclays following new Trodelvy data
Justin Sullivan/Getty Images News

Questioning the recent clinical data submitted by the company for its breast cancer therapy Trodelvy, Barclays has trimmed the price target of Gilead Sciences (GILD
-2.1%) on Thursday by more than a tenth.
The TROPiCS-02 study for Trodelvy involving certain patients with HR+/HER2- metastatic breast cancer met the primary endpoint with statistical significance in terms of progression-free survival (PFS), Gilead (NASDAQ:GILD)
said early this week.
However, with plans to submit detailed results at a future medical conference, the company did not disclose the data to evaluate the response.
Commenting on the trial results, Barclays analysts led by Carter Gould argue that the clinical meaningfulness for the therapy is unlikely to âbode well for any path to near-term approvability in HR+ breast cancer.â
The analysts note the need to mature the data further for a key medical event in June while the data on overall survival (OS) work in the companyâs favor. However, âa lackluster PFS benefit is going to be a difficult hurdle to overcome,â they wrote.
The team also predicted a write-off related to Trodelvy in Q1 2022 earnings, and noted the need to meet a high threshold so as to end the current debate on the efficacy of the drug, being developed by the company for the commonest form of breast cancer.
The analysts maintain the Underweight rating on the stock, and the price target lowered to $56 from $63 implies a downside of ~5% to the last close.
Trodelvy is already licensed in the U.S. for less common triple-negative breast cancer. The antibody-drug conjugate was added to the companyâs portfolio as part of its $21B acquisition of Immunomedics in 2020.