RBC: the FDA lifting the hold on Gilead’s experimental cancer therapy is a ‘much-need piece of good news’

rbc:-the-fda-lifting-the-hold-on-gilead’s-experimental-cancer-therapy-is-a-‘much-need-piece-of-good-news’

The Food and Drug Administration’s decision on Monday to lift the partial hold on Gilead Sciences Inc.’s GILD, -0.66% magrolimab for two indications is “good news” for the company, according to RBC Capital Markets analysts. “While GILD still has much to prove around its emerging oncology franchise, we see this as a much-needed piece of good news,” analysts wrote in a note to investors on Monday. Magrolimab is being tested as a treatment for myelodysplastic syndrome (MDS) and acute myeloid leukemia (AML), both of which are kinds of cancer, among other indications. Gilead said it expects the MDS trial to have interim Phase 3 data next year, while RBC anticipates Phase 3 data for the AML indication by the end of 2023 or early in 2024. Gilead’s stock has declined 14.7% this year, while the S&P 500 SPX, -1.69% is down 5.8%.

Source: Marketwatch

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