Why Gilead Sciences Shares Rose 7.79% in March
Shares of Gilead Sciences (NASDAQ: GILD) rose 7.79% in March, according to data provided by S&P Global Market Intelligence, even as stocks moved into a bear market. Investors flocked to shares of companies developing treatments for COVID-19, the illness caused by the novel coronavirus.
Image source: Getty Images.
The coronavirus outbreak has now reached 900,300 cases worldwide, and demand for Gilead's investigational treatment, remdesivir, has skyrocketed. Though the drug isn't approved for COVID-19 or any other indication, Gilead has been able to provide it to some patients based on a "compassionate use" program. A World Health Organization doctor said the treatment showed promise according to media reports earlier this year, and Gilead confirmed that remdesivir has been used in more than 1,000 patients so far.
Source Fool.com
