Diamonds and Dogs
Gilead Science (GILD) lifting the broader markets. Biotech, Gilead is up 7% on news their antiviral drug, remdesivir demonstrated positive results in a clinical trial with Covid-19 patients in Chicago. The trial included 125 people participating in two Phase 3 clinical trials with 113 of them with severe forms of the virus. Investors are hoping the drug with allow states to reopen sooner than later.
Profit-taking in Netflix (NFLX). The streaming giant is down 4% on a downgrade to a SELL and a $327 price target or 22% below current levels. Netflix is expecting a strong quarter with expectations as high as 10 million new global members due in part to Shelter in Place mandates that are in effect.The downgrade is based on a fulll valuation which is not pricing in mounting streaming competition, potentially restricted pricing power from a global economic downturn and surveys suggesting that streaming services are among the first household budget items to be cut with job losses.
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