Shares of Gilead Have Cooled Off: Is Now the Time to Buy?

At the end of April, shares of Gilead Sciences (NASDAQ: GILD) were hovering near their 52-week highs of $85.97. The stock has been falling since then, and it's now trading at just about $76. Year to date, the stock is still up 17%, and well above the 4% decline the S&P 500 has seen during the same period.

A big reason for Gilead's recent decline is the waning hype surrounding the company's potential COVID-19 treatment, remdesivir. Let's take a closer look at why the excitement surrounding the drug has faded and whether you should consider buying shares of Gilead anyway.

Studies of remdesivir and its effectiveness in treating COVID-19 haven't been all that encouraging thus far. On April 29, the National Institute of Allergy and Infectious Diseases released results from a remdesivir study involving 1,063 patients. The good news was that the drug was showing signs of effectiveness in fighting COVID-19, but it wasn't the slam dunk everyone was hoping for.

Source Fool.com