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BoA Keeps 'Buy' on Gilead Sciences

Bank of America keeps its buy rating on Gilead Sciences (GILD ).

Analyst Michael King says while the FDA panel expressed concerns about Gilead's new dipivoxil drug for Hepatitis B, Adefovir, he thinks these concerns are secondary to the drug's regulatory pathway. King thinks the panel's concerns will hinder neither the timing of the drug's approval, nor its commercial potential. He says Adefovir is the second Gilead-developed drug to garner a positive FDA panel recommendation in less than one year.

King also says Gilead is one of his favorite names in the large-cap profitable biotech sector. He sees $0.14 2002 earnings per share and $0.63 2003 earnings per share. He has a $44 target.

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