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Gilead Sciences (GILD) stock surged and reached an all-time high after the company confirmed the launching of phase 3 studies of coronavirus treatment.
Gilead Sciences Inc (NASDAQ: GILD), an American biotech company that specializes in researching, developing and commercializing drugs, has seen its stock surge after it announced the launching of phase 3 studies for naval coronavirus (COVID-19) treatment. The stock price broke a very critical resistant level at $68 to trade above $70.
Amid the coronavirus outbreak, Gilead Sciences stock has started to achieve new highs. Though yesterday GILD closed at $72.66 (-2.73%), in the pre-market it is gaining again. At the time of writing, it is 0.88% up. Its price is $73.30.
For the past ten months, the GILD stock has been trading horizontally, after defying the downtrend that had dominated the better part of the last decade. The biotech company has been at the forefront in creating antiviral drugs which are mostly used in HIV, hepatitis B and C treatment and others.
After the deadly coronavirus broke in Wuhan China last year December, it has now spread all over the world claiming a lot of lives. The devastating nature of the virus has seen the stock market also suffer significantly.
In a research made on the coronavirus, it showed that the virus has similar traits as that from HIV, which does not have a cure but only treatment to suppress its effects. However, the coronavirus is attacking a different body system than HIV does. It leaves a begging question if the virus is an advancement of the HIV made as biotech warfare.
From that basis, Gilead has taken advantage of using their study of HIV treatment to further advance finding a cure for COVID-19. In a report from the company made on Thursday, the company said that its nascent coronavirus treatment will undergo an advance human testing in Asia.
According to the company, around 1,000 coronavirus victims from Asia region who are suffering from the virus will receive varying doses of the remdesivir as part of the study. Remdesivir has been recognized by the World Health Organization after it said that the drug may be the only one right now that may have real efficacy in treating COVID-19.
Gilead Sciences (GILD) Stock Future amidst Coronavirus
As coronavirus continues spreading fears all over the world with more countries confirming new cases, the rush for a vaccine and cure is pushing biotech companies to the limit. As of Friday morning, Nigeria confirmed its first COVID-19 case, becoming the first sub-Saharan country in Africa to test a victim with the virus. In total, over 80,000 cases have been officially confirmed worldwide and counting.
It leaves Gilead with other biotech companies with the advantage of coming up with a drug that will treat the deadly virus. The drug from the company has also been used by the U.S. doctors in treating the first domestic coronavirus case, although not yet approved.
If the phase three test comes out positive, it will be a huge breakthrough for the company which might see its stock soar even much higher. It actually might be the beginning of the sharp uptrend that will come in the near future.