Gilead Sciences (NASDAQ:GILD) news for Monday concerning a drug that may be able to treat the new coronavirus from China have GILD stock on the rise.
The Gilead Sciences news comes from the World Health Organization (WHO). It claims that remdesivir may be able to help combat the coronavirus. Remdesivir is an investigational drug and doesn’t have approval for use anywhere in the world.
While remdesivir might not have approval, clinical trials are underway. That includes two trials in China with patients suffering from the coronavirus taking part. If the results of these trials go well, it could result in a larger use of the drug to treat the illness.
China isn’t the only country with an interest in the Gilead Sciences drug. Several others are also testing to see what it is capable of. That includes several American organizations, such as the U.S. Food and Drug Administration and the Centers for Disease Control and Prevention.
This isn’t the first time that GILD stock has gotten a boost from Gilead Sciences news concerning the coronavirus. The company announced near the start of the month that remdesivir may be effective in treating patients suffering from the illness.
At that time, the company saw its stock increase by 5%. It’s also worth noting that the drug has been used in emergency situations to treat other viruses. That includes ebola, as well as MERS and SARS.
GILD stock was up 3.39% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
