J.P. Morgan Reiterates Overweight On Gilead

In a note out today, J.P. Morgan reiterated an overweight rating on Gilead Sciences (Nasdaq: GILD) following decent results from the phase 3 trial of cobicistat as an HIV treatment.

“With Gilead's HIV life cycle management strategy on track and the pending acquisition of Pharmasset (Nasdaq: VRUS)(expected to close early 2012), we see ample opportunity for upside and reiterate our Overweight rating,” the bank said in the research note.