Markets & Finance

J.P. Morgan Keeps 'Overweight' on Gilead Sciences

J.P. Morgan reiterates overweight on Gilead Sciences (GILD).

Analyst David Molowa says he believes Gilead's FTC drug will receive approval by its July 3 FDA action date. He says his confidence has increased, given the FDA's recent positive actions on several other biotech products, and FTC's safety and efficacy in treating HIV. He expects further outperformance to be driven by superior operating performance.

Molowa raised the 92 cents 2003 earnings per share estimates to 97 cents and upped the $1.58 2004 estimate to $1.78 -- this is well ahead of consensus estimates. He says Gilead is an attractive investment vs. its biopharmaceutical peers.

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