Gilead's shares rise on report of experimental drug's promise in COVID-19
By Manas Mishra (Reuters) - Shares of Gilead Sciences Inc rose 8% 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 novel coronavirus, which has infected 2.18 million globally, according to a Reuters tally, and remdesivir is one of the treatments that has captured investor attention.
COVID-19 " src="https://images.firstpost.com/wp-content/uploads/reuters/04-2020/18/2020-04-17T165546Z_1_LYNXMPEG3G1VE_RTROPTP_2_HEALTH-CORONAVIRUS-GILEAD-SCIENCES.jpg" alt="Gileads shares rise on report of experimental drugs promise in COVID19" width="300" height="225" />
By Manas Mishra
(Reuters) - Shares of Gilead Sciences Inc rose 8% 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 novel coronavirus , which has infected 2.18 million globally, according to a Reuters tally, and remdesivir is one of the treatments that has captured investor 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 in.
"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 data from a study testing patients with severe COVID-19 is reported will likely be disappointed, as the study offers no control, "just five days of remdesivir vs. 10 days of remdesivir."
Gilead also raised the trial enrollment of patients in the trial testing it in severe coronavirus patients to 6,000 from 2,400 - which Piper Sandler analysts said was in order to increase access to the drug.
Wall Street rose on Friday, also boosted by President Donald Trump's new guidelines to reopen the economy and Boeing's plans to resume production. The benchmark S&P 500 index has fallen nearly 12% this year.
Gilead's shares, which have risen 17.8% this year, were up nearly 8.1% at $82.71 in noon trading.
"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."
(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces
Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong
Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.