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Gilead Sciences (NASDAQ:GILD) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Wednesday. They currently have a $97.00 target price on the stock. Zacks‘s price objective suggests a potential upside of 5.13% from the stock’s previous close.

Zacks’ analyst wrote, “Gilead reported strong second quarter results, with both revenues as well as earnings beating expectations by huge margins The company’s second-quarter adjusted earnings of $2.32 per share blew past the Zacks Consensus Estimate of $1.61. The massive earnings outperformance was attributable to the exceptional performance of Sovaldi in its second full quarter in the market. Sovaldi’s strong sales ($3.48 billion) helped Gilead record total revenues of $6.53 billion, easily surpassing the Zacks Consensus Estimate. We are also positive on the FDA approval of Zydelig. We believe that all the positives are already reflected in the stock price and are hence reverting to a Neutral recommendation on the stock.”

In other Gilead Sciences news, Director Richard James Whitley sold 5,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $91.00, for a total transaction of $455,000.00. The sale was disclosed in a filing with the SEC, which is available at this link.

GILD has been the subject of a number of other recent research reports. Analysts at Maxim Group raised their price target on shares of Gilead Sciences from $112.00 to $127.00 in a research note on Monday, July 28th. They now have a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Gilead Sciences in a research note on Thursday, July 24th. They now have a $110.00 price target on the stock, up previously from $100.00. Finally, analysts at Piper Jaffray raised their price target on shares of Gilead Sciences to $111.00 in a research note on Thursday, July 24th. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Gilead Sciences currently has a consensus rating of “Buy” and an average price target of $101.53.

Shares of Gilead Sciences (NASDAQ:GILD) traded up 0.57% during mid-day trading on Wednesday, hitting $92.80. 5,589,501 shares of the company’s stock traded hands. Gilead Sciences has a one year low of $55.96 and a one year high of $94.34. The stock’s 50-day moving average is $87.06 and its 200-day moving average is $80.48. The company has a market cap of $141.6 billion and a P/E ratio of 20.90.

Gilead Sciences (NASDAQ:GILD) last announced its earnings results on Wednesday, July 23rd. The company reported $2.36 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.73 by $0.63. The company had revenue of $6.53 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter last year, the company posted $0.50 earnings per share. Gilead Sciences’s revenue was up 136.1% compared to the same quarter last year. On average, analysts predict that Gilead Sciences will post $7.91 earnings per share for the current fiscal year.

Gilead Sciences, Inc (NASDAQ:GILD) is a research-based biopharmaceutical company that discovers, develops and commercializes medicines.

To view Zacks’ full report, visit Zacks’ official website.

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