GILD Stock Hits Multi-Year High On Hope of Coronavirus Drug

Over the past few weeks, many companies which are working on products related to tackling the coronavirus pandemic have seen their share prices soar. The shares of Gilead Sciences, Inc. (NASDAQ:GILD) soared during the pre-market trading day on Friday after it emerged that a group of patients in Chicago suffering from coronavirus had recovered rapidly.

Major Boost

The patients in question had been treated with Gilead’s product remdesivir, as part of a trial that had been conducted by a researcher at the University of Chicago. This is a significant development for Gilead and it came as no surprise that the stock soared by as much as 12% in pre-market trading on Thursday.

The Gilead stock is likely going to be in focus on Friday morning and investors could do well to keep an eye on the stock. The research is being conducted by Kathleen Mullane, who is an infectious disease professor at the university. Mullan stated that the majority of the patients who had been treated with the medicine have now been discharged from the hospital.

There have been only two deaths. Remdesivir is currently one of the more closely watched products for coronavirus treatment and the latest developments must have come as a major boost for the company.

Gilead is currently conducting tests on coronavirus patients to figure out the efficacy of the product. At this point, the company is conducting two trials. One is for patients who are moderate and the other is for patients who are at a critical stage. The company aims to enrol as many as 4000 patients for these trials.

The 125 patients who had been enrolled for the study conducted by the University of Chicago had all been severe patients. The findings from the University of Chicago trial is a promising development and it was not a surprise to witness the rally in GILD stock yesterday.

About Travis Garlick 1822 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.