UPDATE: Piper Jaffray Raises PT to $50 on Gilead Sciences on Positive Data

Piper Jaffray maintained Gilead Sciences

with an Overweight rating and raised the price target from $46.00 to $50.00. Piper Jaffray said, "We are reiterating our Overweight rating and increasing our price target to $50 from $46 following positive data from the null responder cohort of the ELECTRON trial, where 100% of patients achieved SVR12. We believe these data provide further confirmation of the benefit of adding GS-5885 as they show efficacy and safety in a population that had previously had only limited (10%) response in earlier ELECTRON readouts. Additionally, we believe these data have positive implications for Gilead's Phase III program, as ION-2 evaluates the same regimen in treatment experienced patients." Gilead Sciences closed at $43.87 on Monday.