Gilead Sciences Surging on Clinical Trial Data

Shares of Gilead Sciences

are one of the more active names on the Nasdaq on Friday. The biotech giant said that one of the medicines it acquired through its takeover of Pharmasset last month produced positive clinical trial results. On a conference call with analysts and investors yesterday, Gilead's chief scientific officer said that patients with genotype 1 hepatitis C, which is the most common form of the disease in North America, had no detectable signs of the virus after four weeks on the drug which is called PSI-7977 and was acquired in Gilead's $10.8 billion buyout of Pharmasset. At last check, GILD shares had gained 8.48% to $53.49. Volume has been very heavy with more than 18.5 million GILD shares trading hands early in the session compared to a full-day average of around 9.4 million.