Gilead surges 17% on report that drug shows effectiveness against COVID-19 (GILD)

Associated Press

Gilead Sciences is skyrocketing on a new report that its drug Remdesivir may be an effective treatment for COVID-19. 

Shares of the pharmaceutical company surged as much as 17% in after hours trading Thursday.

A Thursday report from STAT News said a Chicago hospital saw that COVID-19 patients treated with Remdesivir, an antiviral medicine, experienced rapid recovery from fevers and respiratory symptoms from the disease. Nearly all patients treated with the drug were discharged from the hospital in less than a week, according to the report. 

Read more: Here are the 15 leading coronavirus treatments already being tested in COVID-19 patients, and the major trials now underway to see if they work

If the trial continues to yield positive results, Remdesivir could be quickly approved by the Food and Drug Administration and other regulatory agencies. The drug was the first identified as having the potential to impact the new coronavirus, according to the report. 

Gilead’s two Phase 3 trials had 125 people with COVID-19 recruited by the University of Chicago Medicine, according to the report. Of the group, 113 had severe cases of the disease. All 125 patients have been given daily infusions of Remdesivir as treatment, STAT said. 

Many other pharmaceutical companies are also working on potential drugs for the novel coronavirus. The drugs in development include possible treatments for the illness as well as vaccines. 

Read more:Everything we know about remdesivir, hydroxychloroquine, and 4 other drugs being tested against the coronavirus

Gilead has gained about 18% year-to-date through Thursday’s close.

Markets Insider

Read more: GOLDMAN SACHS: Make these 9 stock trades to capitalize on the enormous shift towards e-commerce with America on lockdown