Shares of Gilead Sciences were lower Wednesday after Leerink cut its price target on the shares. Analysts with the firm lowered the price target to $112 from $114, citing lower sales from HIV products. The firm maintained its Outperform rating on Gilead shares. But the analysts added that they continue to expect the company’s domestic HIV volume to grow steadily and sustainably. They now expect Gilead to generate roughly $20 billion in sales in 2021 on its HIV products, rather than its previous forecast of $22.6 billion.
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