(Bloomberg) -- Gilead Sciences Inc.’s experimental drug to treat coronavirus helped patients recover faster than standard care, the company said, offering hope for what could be the first effective treatment for the illness that has swept the world.A trial being run by the U.S.’s National Institute of Allergy and Infectious Diseases looked at whether Gilead’s remdesivir helped people with Covid-19 recover faster than without it. Details are expected to be released later, the company said in a statement.Gilead shares jumped more than 9% in premarket trading, and the news appeared to lift the entire U.S. stock market as well, with futures linked to major indexes surging after the company’s statement was issued.Remdesivir has been one of the most-watched potential coronavirus therapies. Without a vaccine available, governments are seeking a therapy that can help patients recover faster and reduce the risk posed by the virus, which in patients with the most severe...
Preliminary results from a U.S. government trial showing that patients given remdesivir recovered 31% faster than those given a placebo, were hailed by Dr. Anthony Fauci as "highly significant." "This is really quite important," Fauci told reporters at the White House, likening it to a moment in 1986 "when we were struggling for drugs for HIV and we had nothing." Gilead earlier on Wednesday said the trial was positive, and provided additional data suggesting remdesivir worked better when given earlier in the course of illness, sending its shares up more than 7%....
(Bloomberg) -- Gilead Sciences Inc. said data from a U.S. study of its drug remdesivir showed the medication had met the primary endpoint in a trial of its effectiveness in treating Covid-19.The company said in a statement that it is aware of positive data emerging from the National Institute of Allergy and Infectious Diseases’ study of remdesivir for treating the disease caused by the novel coronavirus.Gilead shares were halted, but the news appeared to lift the entire U.S. stock market, with futures linked to major U.S. indexes jumping after the company’s statement was issued.The U.S.-run trial looked at whether patients getting Gilead’s drug recovered from the disease faster than patients getting a placebo treatment plus standard care for the illness.The trial, run by the National Institutes of Health, aimed to sign up about 800 patients to test the drug and give a definitive answer as to whether it can help treat...
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks that hit 52-week highs April 28.) * AstraZeneca plc (NYSE: AZN) * Arcturus Therapeutics Ltd (NASDAQ: ARCT) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * Black Diamond Therapeutics Inc (NASDAQ: BDTX) * Erytech Pharma SA (NASDAQ: ERYP) * GenMark Diagnostics, Inc (NASDAQ: GNMK) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) * I-Mab ADR (NASDAQ: IMAB) * Imara Inc (NASDAQ: IMRA) * Kiniksa Pharmaceuticals Ltd (NASDAQ: KNSA) (reacted to first-quarter results) * Novo Nordisk A/S (NYSE: NVO) * OraSure Technologies, Inc. (NASDAQ: OSUR) * Quest Diagnostics Inc (NYSE: DGX) (announced direct-to-consumer COVID-19 antibody test) * REDHILL BIOPHAR/S ADR (NASDAQ: RDHL) (announced addition of its Talicia, meant to treat H. pylori infection, to Prime Therapeutics NetResults A-Series National Formulary) * Syndax Pharmaceuticals Inc (NASDAQ: SNDX) (presented positive preclinical and initial clinical data...
The possibility of a breakout, and the chance to reap rewards, may be closer than we think. Writing from JPMorgan, quant analyst Marko Kolanovic sees the main chance turning toward a 2H20 economic recovery and new market records by 1H21. He bases his stance on new data showing that the COVID-19 pandemic may have already peaked, and that the worst-case scenario is unlikely to come about. With that in mind, the Fed’s stimulus and Congress’ monetary aid will be more important factors than poor earnings in the first half of this year. He states, “The combined suppression of the risk-free rate and credit spreads by the Fed likely has a bigger positive impact on equity valuation, compared with the negative impact of the temporary earnings loss.”It’s a situation that gives investors an incentive to buy. We’re not in a true bull market – not by a long shot – but the...
