Gilead surges 17% on report that drug shows effectiveness against COVID-19
- A report from STAT News said that a Chicago clinical trial of Gilead drug Remdesivir to treat COVID-19 saw patients recovered rapidly from the disease. Many were discharged in less than a week.
- Shares of Gilead surged as much as 17% in after-hours trading Thursday.
- It's the first report showing any data on the effectiveness of Remdesivir to treat COVID-19.
- Watch Gilead trade live on Markets Insider.
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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.
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.
Gilead has gained about 18% year-to-date through Thursday's close.
