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Gilead Sciences, Inc. latest news:
Biotech ETF on track for fourth straight daily rise, hits highest level since 2015
The largest exchange-traded fund to track the biotechnology sector rallied on Thursday, moving in its biggest one-day percentage pop since June as it hit levels not seen since early 2016. The iShares Nasdaq Biotechnology ETF jumped 2.3% to $331.62, and earlier rose as high as $333.30. That represented the highest level for the fund since the last trading day of 2015, according to FactSet data. The ETF has been a strong performer of late. Thursday is set to be its fourth straight daily increase; for the week it is up 6.6%, on pace for its biggest weekly gain since June. Among the fund's biggest gainers, Biogen Inc. added 3.9% while BioMarin Pharmaceutical Inc. was up 2.2% and Gilead Sciences added 2.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. stocks end higher; Nasdaq boosted by biotech gain
U.S. stocks ended higher on Wednesday, with the Nasdaq seeing a particular gain on the strength of biotechnology companies, while the S&P 500 closed higher for a fourth straight session. The Dow Jones Industrial Average rose 25 points, or 0.1%, to 21,890. The S&P 500 added 11 points to 2,457, a gain of 0.5%. The Nasdaq Composite Index advanced 66 points to 6,368, a rise of 1.1%. The biotechnology sector was one of the strongest of the day, with the iShares Nasdaq Biotechnology ETF up 1.9%, boosted by Gilead Sciences , which surged 7.3%, and Incyte Corp. , up 10.6%. Markets were also supported by strong economic data, including better-than-expected reads on economic growth and private-sector employment. The Dow was pressured by Travelers Companies Inc. , which fell 1%, and by Verizon Communications , which was off 0.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Biotech stocks rally, ETF on track for third straight daily gain
Biotechnology stocks rallied on Wednesday, with one of the biggest exchange-traded funds dedicated to the sector on track for its third straight daily advance. The iShares Nasdaq Biotechnology ETF gained 1.3%, bringing its week-to-date rise to 3.6%. Among the biggest gainers in the sector, Gilead Sciences Inc. popped 5.6%, bringing its gain over the past three months to 23.7%. The stock is on track for its largest percentage gain since November, as well as its highest close since September 2016. Separately, Incyte Corp. added 4.5% while BioMarin Pharmaceutical Inc. advanced 4.8%. Biogen Inc. gained 2.4% while Regeneron Pharmaceuticals Inc. was up 2%. On the downside within the pharmaceutical sector, U.S.-listed shares of Novartis AG were down 1%. The company's CAR-T cell therapy was approved by the Food and Drug Administration on Wednesday, making it the first gene therapy to be available in the U.S. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Novartis AG's CAR-T cell therapy for leukemia approved by FDA in 'historic action'; price to be based on outcomes
Novartis AG's CAR-T cell therapy was approved by the Food and Drug Administration on Wednesday, making it the first gene therapy to be available in the U.S. Novartis' Kymriah was approved for young people up to age 25 with a form of acute lymphoblastic leukemia. CAR-T, or chimeric antigen receptor T-cell therapy, uses a patient's immune T-cells and re-engineers them to better fight cancer. As such, each dose of Kymriah is customized to the individual patient's T-cells through genetic modification. Novartis said on Wednesday that it will work with the Centers for Medicare and Medicaid Services so medicine prices can be "based on the clinical outcomes achieved, which would eliminate inefficiencies from the health care system." For Kymriah, Novartis is also working with CMS "to allow for payment only when pediatric and young adult ALL patients respond to Kymriah by the end of the first month." Novartis did not give any specifics as to what the price range might be. Even before Novartis' Kymriah was approved, there was concern about pricing of the new therapy, given that new therapies are typically priced based on level of innovation and cancer is a particularly expensive area. On Wednesday, the FDA also expanded approval of Roche's Genentech's rheumatoid arthritis drug Actemra to treat CAR-T cell-induced cytokine release syndrome, which consists of high fever and flu-like symptoms and can be life-threatening; nearly 70% of patients had CRS completely resolved in two weeks using one or two doses of Actemra, the FDA said. Kite Pharma, which is also working in the CAR-T space, has also been racing to gain FDA approval; the biotech's $11 billion acquisition by Gilead Sciences Inc. was reported earlier this week. Gilead shares surged 5.5% in extremely heavy midday trade. Novartis shares declined 1% in heavy midday trade. Novartis shares have risen 2.8% over the last three months, compared with a 1.6% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Gilead Sciences to buy Kite Pharma for $11.9B to expand cancer drug lineup
Gilead Sciences to buy Kite Pharma for $11.9B to expand cancer drug lineup
Jim Cramer reacts to the Gilead Sciences-Kite Pharma acquisition
Gilead Sciences agreed to acquire Kite Pharma for $11.9 billion on Monday, sending shares of both stocks higher.
Video provided by TheStreet
Stocks decline as storm pressures insurers and oil companies
U.S. stocks are rising Monday morning, with health care companies making some of the largest gains after biotechnology company Gilead Sciences agreed to buy cancer drug maker Kite Pharma for $11.9 billion.
Gilead to pay $11.9B for cancer treatment developer Kite
Gilead Sciences is buying Kite Pharma for $11.9 billion, giving the biotechnology company a broader portfolio of potential cell therapies for cancer.
Biotech stocks surge on Gilead's Kite Pharma acquisition
After news of Gilead Sciences Inc.'s about $11 billion acquisition of Kite Pharma Inc. , Juno Therapeutics Inc. shares surged 16.3%, Bluebird Bio Inc. shares surged 9.7% and Cellectis SA ADR shares surged 11.8% in extremely heavy midday trade Monday. The Kite Pharma acquisition marks a large investment by Gilead into a cancer treatment called chimeric antigen receptor T-cell therapy, or CAR-T, which uses a patient's immune T-cells and re-engineers them to better fight cancer. Juno, Bluebird and Cellectis are other biotech companies working in CAR-T. BTIF analyst Dane Leone upgraded Juno on Monday, adding, "we continue to be skeptical of JUNO's current competitive positioning, but upgrade our ranking to Neutral from Sell, as there is not a near term catalyst to offset the positive tailwind for the entire CAR T space." Though there has been speculation about Celgene -- which owns about 10% of Juno's current shares outstanding -- acquiring Juno, "we would be surprised" by a full acquisition, Leone said, since "at this juncture with emerging overlap in Multiple Myeloma and third to market status in CD19 hematological malignancies, we struggle to find a rationale for Celgene wanting to fully own Juno." Kite Pharma shares surged 28% in extremely heavy morning trade. Shares have surged 144% over the last three months, compared with a 1% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
United Therapeutics Corp. stock surges 9% on report of possible bids for company
United Therapeutics Corp. shares surged 8.7% premarket on Friday after a news report suggested that major pharmaceutical companies were weighing a bid for it. The Evening Standard report said that Gilead Sciences Inc. is considered the frontrunner, while GlaxoSmithKline PLC and Novartis AG are also possible contenders. Glaxo and United Therapeutics declined to comment to the Evening Standard. United Therapeutic, which was founded by Martine Rothblatt, a co-founder of Sirius XM , currently has five products on the market, four of which treat pulmonary arterial hypertension; the fifth is intended for pediatric cancer patients. United Therapeutics shares have dropped 11.5% year-to-date, compared with a 10.4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Gilead Sciences says European Commission grants marketing authorization for Vosevi
* European Commission grants marketing authorization for
Gilead’s Vosevi® (sofosbuvir/velpatasvir/voxilaprevir) for the
treatment of all genotypes of chronic hepatitis C
UPDATE 2-Gilead Sciences profit falls, but beats Wall Street estimates
July 26 (Reuters) - Gilead Sciences Inc on
Wednesday reported lower second-quarter profits as use of its
flagship hepatitis C drugs continued to decline, but the results
still beat Wall Street estimates and the company raised its
full-year sales outlook.
Gilead Sciences shares rise after quarterly results top Street view
Gilead Sciences Inc. shares rose in the extended session Wednesday after the biotech drug maker topped Wall Street estimates for the quarter. Gilead shares rose 2.6% to $76.10 after hours. The company reported second-quarter net income of $3.37 billion, or $2.33 a share, compared to $4.18 billion, or $2.58 a share, in the year-ago period. Second-quarter adjusted earnings were $2.56 a share. Revenue fell to $7.14 billion from $7.78 billion in the year ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $2.29 a share on revenue of $6.33 billion. For the full year, Gilead estimates revenue of $24 billion to $25.5 billion. Analysts had forecast revenue of $24.65 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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