What a Difference a Week Makes
Stock are paring gains on Friday, with the mood by reports that Gilead Sciences’ (NASDAQ:) remdesivir flopped in its first randomized clinical trial.
This time last week, investors were full of hope after some very promising results were reported, prompting a 12% jump in Gilead’s share price. What a difference a week makes. These gains have been all-but wiped out, with the stock down almost 10% yesterday at one point, as the results were accidentally published by the WHO.
Gilead has since stressed that the results are inconclusive and the study was terminated early due to low enrolment but the damage has been done. This is a market – and global population for the matter – that’s craving good news and this just feels like another big setback.
Europe is playing catchup today, with the news having come out after the close which explains the disparity between Europe and the U.S. on Friday, with Wall Street eyeing small gains.
EU leaders agreed…
