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Gilead Sciences (GILD) stock price has moved up at the news that its drug remdesivir is used to treat coronavirus patients on ‘compassionate’ grounds.
Gilead Sciences Inc (NASDAQ: GILD) stock has made some gains after the confirmation of the use of one of its drugs on U.S. soil. Sources say that Remdesivir is being used to treat several patients who have coronavirus. The drug is not approved by the U.S. Food and Drug Administration (FDA). Certain rules allow for the use of such mediations on compassionate grounds. The key pivot of such rules is that the medications are only given as a last resort.
The Director for the U.S. Center for Disease Control Robert Redfield briefed U.S. lawmakers in congress. Remdesivir was originally designed to treat people suffering from Ebola. Washington State has served as ground zero for this novel treatment. Redfield reportedly said:
“For people that are very sick, and we have a number that are very sick, there is an experimental drug called remdesivir that’s available right now in compassionate use. This country has used it.”
While many are against the use of unapproved medication, it could also be the last hope for many who have no other option left. COVID-19 is spreading fast across many Countries. this may be the way out that medical experts are searching for.
Many legal and ethical questions surround the use of unapproved medications. These concerns fade into the background when lives are at stake. COVID-19 has proven to be one of the most defining moments as far as medical emergencies are concerned.
It has also raised the bar in the search for a cure. Other biomedical companies like Moderna Inc (NASDAQ: MRNA) vaccine will undergo human trials soon. A new paradigm has also arisen. COVID-19 has caused much damage to financial and business ecosystems. Any news that indicates either a solution or a cure will calm frayed nerves.
Gilead Sciences (GILD) May Become an Evergreen Stock
Gilead Inc’s stock reportedly climbed by about 1.7% higher. This happened in the first few trading hours. The stock was reportedly valued at $73.57. When compared to the S&P 500‘s 5% decline, it raises hopes that there is a silver lining in the storm clouds.
Gilead Sciences (GILD) stock prices have risen in the last month alone by about 9%. This might appear to be a fluke to some. The dipping of major indices and assets across the board show the market fears. Stocks such as Gilead’s also shows the hope that many investors have concerning the future.
On a broader scale, some investors think that the markets’ bull run is ending. The S&P 500 has seen a historic run in the last few years. The recent losses could be the beginning of a downcycle. This could occur to maintain equilibrium.
For now, though, innovative solutions such as Remdesivir seem to excite everyone. Who knows? Just like in the movies, COVID-19’s cure might be found by accident (pun intended).
As of the time of filing this report, Gilead Science (GILD) stock stood at $74.17. This is a 2.53% increase since the markets opened.