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Why Gilead Stock Is Trading Lower Today

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Why Gilead Stock Is Trading Lower Today

Gilead Sciences, Inc. (NASDAQ: GILD) shares were trading lower Thursday after the Financial Times reported that the company ended a study on remdesivir in coronavirus in China due to low enrollment and said study results were inconclusive.

Gilead took issue with the report and said a draft document was accidentally published by the World Health Organization, according to CNBC

“Furthermore, we believe the post included inappropriate characterizations of the study. Importantly, because this study was terminated early due to low enrollment, it was underpowered to enable statistically meaningful conclusions,” Gilead said in a statement to CNBC. 

“As such, the study results are inconclusive, though trends in the data suggest a potential benefit for remdesivir, particularly among patients treated early in disease.”

Gilead Sciences is an American biotechnology company that researches, develops and commercializes drugs. The company focuses primarily on antiviral drugs used in the treatment of HIV, hepatitis B, hepatitis C, and influenza, including Harvoni and Sovaldi.

Gilead Sciences shares were trading down 2.93% at $78.93 on Thursday. The stock has a 52-week high of $85.97 and a 52-week low of $60.89.

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