FDA nSends Letter to GILD About Lab reports & Now Insiders Selling.. LINK
Market Watch 5/3/13
FDA letter, earnings disappointment don’t slow down Gilead shares
May 3, 2013, 11:39 AM
By Russ Britt
Investors nevertheless pushed the stock up another 7%, still euphoric over Gilead’s new hepatitis C drug, sofosbuvir, that seems to be coasting through the trial stage. The company on Thursday morning reported highly successful results for sofosbuvir in trials, curing at least 95% of those in various types of tests and 100% in some cases. When it reported earnings after the close, however, the news wasn’t as bright.
The company said in a conference call with analysts that the FDA sent a letter raising concerns about lab records and test procedures at the Foster City facility. Dow Jones quoted Executive Vice President Norbert Bischofberger as calling the FDA letter a “little setback.”