The biopharmaceutical sector is poised to bounce back this year, and Gilead Sciences could be a key beneficiary, according to Bank of America.
Analyst Geoff Meacham upgraded Gilead to buy from neutral.
He increased his target price for the stock by $7 to $95, which suggests shares stand to gain 28.5% from where they closed Thursday.
Shares of California-based Gilead have dropped 13.9% so far this year.
"With the potential for broader interest in the sector, we are more optimistic on performance into 2H23," Meacham said.
Persons:
Geoff Meacham, Meacham, biopharma, — Michael Bloom
Organizations:
Gilead Sciences, Bank of America, PrEP, Kite Pharma
Locations:
Gilead, California, HCV