Gilead stocks traded higher today as the clinical trial for Remdesivir was a success.
The latest data from the National Institute of Allergy and Infectious Diseases shows promising results from Gilead's drug. Also, Gilead itself released the results of its study, showing an improvement in health for patients who took the drug.
The new data comes just a few days after a report was released by mistake by the World Health Organization. That specific report showed no difference between Remdesivir users and the control group, basically rendering the drug nothing more than placebo.
However, today’s release from Gilead shows that, since the beginning of trials, the drug was effective among patients within the early phase of Covid-19.
At that time, the stock price dropped by 5.3%. Today, it gained more than it initially lost, 5.4%.
The market did not overthink and acted accordingly: USA30 traded higher by 1.5%. USA500 gained 1.9%, while TECH100 went up 2.1%. It was a change for the better after the terrible GDP report which hit the markets earlier.
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Sources cnbc.com, Bloomberg.com
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