- Gilead Sciences (NASDAQ:GILD) was upgraded by Morgan Stanley analyst Matthew Harrison to Overweight from Equal Weight
- Price target raised to $83 from $67.
- Harrison justifies move calling hormone receptor-positive metastatic breast cancer drug Trodelvy a "significant commercial opportunity," as well as the potential of a combination of lenacapavir, a long-acting capsid inhibitor with another long-acting HIV drug, could extend HIV cash flows into the 2045s.
- Harrison says Merck's (NYSE:MRK) islatravir could be that drug, and could add $15 per share in discounted cash flow valuation.
- Shares closed up 5.9% to $67.07.