Leerink Partners raises PT on Gilead, citing HIV treatments prospects

Brokerage Leerink Partners raises PT on drugmaker Gilead Sciences GILD.O to $114 from $105

Brokerage says it does not anticipate any "major top- or bottom-line surprises" in GILD's earnings, ahead of its Q2 results likely to be reported in early August

Maintains "outperform" rating

The new price target represents a 3.97% upside to the stock's last close

Aside from earnings, brokerage says "the central focus will be on two recent HIV PrEP and treatment pipeline developments"

Brokerage says GILD's recently approved twice-yearly injectable HIV PrEP, Yeztugo, can quickly and widely become available, considering its lower price compared to its once-daily PrEP drug, Descovy, and its efficacy even though unclear guidelines after U.S. top court ruling on preventative coverage and CMS

Twenty of 30 brokerages rate the stock "buy" or higher, 10 "hold"; their median PT is $118.50 - data compiled by LSEG

Up to last close, stock up 18.7% YTD