Analyst: Gilead Sciences 'Going to $100 Fast'

Big bull call on Gilead Sciences (GILD) and its hepatitis C drug Sovaldi made this morning by ISI Group analyst Mark Schoenebaum:

"Based on early IMS data, it appears to be that GILD is likely to utterly annihilate 2014 consensus hepatitis C numbers," he writes.


"Utterly annihilate" -- those are strong words!

Yesterday, I showed you the most recent Sovaldi prescriptions numbers from IMS Health, suggesting strong, early demand for the new hepatitis C pill. Gilead's commercial launch is going very well. 

Based on his models, Schoenebaum now believes Sovaldi could generate 2014 sales exceeding $5 billion, possibly as high as $7 billion. The current buyside consensus is $3.5 billion, he says. 

What's this mean for Gilead shares?

"Stock could be going to $100 fast," says Schoenebaum. 

Gilead opened Wednesday up 3% to $84 per share. The stock is off to a strong start in 2014:

GILD Chart
GILD data by YCharts

-- Reported by Adam Feuerstein in Boston.  

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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