Gilead Stock Jumps 8% After Coronavirus Drug Remdesivir Shows ‘Rapid Recoveries’ In Clinical Trials

TOPLINE

Shares of biotech company Gilead Sciences, which has been at the forefront of developing a treatment for Covid-19 patients, surged on Friday after a report that a clinical trial for its antiviral drug, Remdesivir, was showing successful results.

KEY FACTS

Key background

Remdesivir was one of the first drugs to be identified as a possible treatment for coronavirus. Along with malaria drug hydroxychloroquine, it was one of two drugs that President Donald Trump called “very exciting.” While neither are yet proven treatments, both are still in clinical trials to determine their effectiveness in treating Covid-19.

Crucial quote

“An effective treatment is a huge deal and would create a path to open the economy and resume normal ‘social activities’ way sooner than a vaccine,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC on Friday.

What  to watch for

If further results from Gilead’s other clinical trials are similarly positive, that would likely lead to fast approvals by the Food and Drug Administration as well as other regulatory agencies, STAT News reports. If Remdesivir proves to be safe and effective on a wider scale, it could well become the first available treatment of the disease.

Further reading

Stocks Rally, Dow Jumps 600 Points On News Of Gilead’s Possible Coronavirus Treatment (Forbes)

Here Are 29 ‘Get Out And Go’ Stocks For The End Of The Coronavirus Quarantine (Forbes)

Here Are 20 Stocks To Buy In The ‘Coronavirus Economy,’ According To Market Experts (Forbes)

20 More Stock Picks For The Coronavirus Economy, According To Market Experts (Forbes)

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