The View from 5th Avenue

The View at Two – 23 April 2020

On Your Toes… If you wanted to know how much the market is pricing in the success of Remdesivir, you got your answer. A headline from the FT claiming the drug “flopped” in its first trial in China immediately sent Gilead (GILD -5.7%) plunging to a volatility halt and sank the S&P into the red. However stocks quickly rebounded as details emerged that the trial was actually halted due to “low patient enrollment”, and as Gilead assured the data didn’t show any meaningful conclusions. Oh, and to make things more confusing, the data wasn’t supposed to be released in the first place, and was only picked up by news outlets after the WHO mistakenly posted it to its website. The S&P now once again heading towards negative territory goes to show just much the investors have riding on an effective treatment

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