J.P. Morgan Reiterates Overweight On Gilead

In a note out today, J.P. Morgan reiterated an overweight rating on Gilead Sciences

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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

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(expected to close early 2012), we see ample opportunity for upside and reiterate our Overweight rating,” the bank said in the research note.