The S&P 500 was dropping 1.74 points, or 0.13%, to 1,383.40.
Shares of Gilead Sciences were rising 14.67% Thursday morning to $53.45. The stock is rising based on results from Gilead Sciences' hepatitis C tests. The company's "Electron" study of GS-7977 has an early cure rate of 88%.
Gilead Sciences has an estimated price-to-earnings ratio for next year of 12.39 times; the average for biotechnology companies is 29.95. For comparison, Amgen (AMGN) has a lower forward P/E of 10.01; Celgene's (CELG) forward P/E is 14.Twenty-six of the 33 analysts who cover Gilead Sciences rated it buy; seven analysts gave the stock a hold rating. TheStreet Ratings gives Gilead Sciences an A- grade with a buy rating and $57.34 price target. The stock has risen 30.64% year to date.
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