Gilead downgraded at Leerink on HIV PrEP headwinds

Leerink Partners cut Gilead Sciences (GILD) to market perform from outperform, citing slower growth in the HIV prophylaxis market. The firm lowered its price target to $127 from $146, a roughly 5% downside from Monday's close.

Leerink analysts said the PrEP segment faces headwinds from new entrants and pricing pressure, narrowing the runway for Gilead's dominant franchise. The downgrade reflects a more cautious view on near-term revenue growth from the company's HIV prevention portfolio, which includes Descovy and the upcoming lenacapavir-based regimens.

Gilead's Alpha Score sits at 60 out of 100, rated Moderate, according to AlphaScala data. The stock has been under pressure this year as investors weigh the competitive landscape in HIV prevention.

For more details, see the GILD stock page.