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Following the positive news on the remdesivir trial, Gilead stock rebounded. Yesterday, GILD closed at $83.14 per share or 5.68% up. After hours, it added another 2.29% to trade at $85.04. The price is also rising today in the-premarket trading.
Last week, Gilead Sciences Inc (NASDAQ: GILD) stock plunged because of a draft summary of the remdesivir trial studies the World Health Organization (WHO) published by mistake. According to that data, the clinical trial of the drug in China showed it had failed to improve the condition of COVID-19 patients. Later, the results of the study have been closely reviewed, and Gilead has released two new reports with ‘positive data’ on the remdesivir trial.
Positive Data on Remdesivir Use
Gilead Sciences’ study involved about 800 COVID-19 patients. The patients received remdesivir in five- and 10-day dosage regimens. According to the Gilead press release, both groups showed improvements in the symptoms. But those who received remdesivir sooner responded to the treatment faster. 64.5% of patients with the five-day treatment were discharged from the hospital within 14 days, in comparison with 53.8% of patients on the 10-day remdesivir course. In addition, COVID-19 patients who received remdesivir recovered 31% faster than similar patients who received a placebo.
Aruna Subramanian, one of the leading investigators of the study, commented:
“These data are encouraging as they indicate that patients who received a shorter, 5-day course of remdesivir experienced similar clinical improvement as patients who received a 10-day treatment course. While additional data are still needed, these results help to bring a clearer understanding of how treatment with remdesivir may be optimized, if proven safe and effective.”
According to Dr. Anthony Fauci, White House health advisor and director of the National Institute of Allergy and Infectious Diseases, positive data on the remdesivir study is ‘quite good news’. Having demonstrated a ‘clear-cut positive effect in diminishing time to recover’, the drug has set a new standard of care.
“This will be the standard of care. When you know a drug works, you have to let people in the placebo group know so they can take it.”
Gilead has also carried out a separate study of using remdesivir to treat 397 patients with severe cases. It did not evaluate the drug against a control group of patients who didn’t receive remdesivir.
GILD Stock Regains Price
Following the news, Gilead stock rebounded. On April 29, its day range fluctuated from $80.05 to $85.01. GILD stock closed at $83.14 per share or 5.68% up. After hours, it added another 2.29% to trade at $85.04. The rise is continuing today in the-premarket trading. As of the moment of writing, GILD stock is 3.62% up and makes up $86.15 per share.
The annual change for Gilead stock is 27.95%. By the end of 2020, this figure will be definitely up, as investors are now betting on COVID-19 treatment developments.