Shares of Gilead Sciences Inc.
GILD,
were up 4.9% in trading on Monday after the company said in a news release that Trodelvy improved overall survival rates in people with HR+/HER2- metastatic breast cancer. Gilead said it already filed an application with the Food and Drug Administration asking the regulator to approve the Trodelvy for this group of patients. It also said it expects to soon share full data from this clinical trial, which will help Wall Street analysts understand how Trodelvy will compete against AstraZeneca’s
AZN,
Enhertu, according to SVB Securities analyst David Risinger. Trodelvy, which was approved to treat metastatic triple-negative breast cancer and metastatic urothelial cancer in 2021, generated about $380 million in sales last year. Raymond James analyst Steven Seedhouse told investors that he expects the FDA to approve Trodelvy for this indication after a six-month review cycle. Gilead’s stock is down 9.1% this year, while the broader S&P 500
SPX,
has declined 10.2%.
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