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Financial News Network: AHF Sues FDA Over Information on Gilead’s HIV Prevention Pill (GILD)

AHF Sues FDA Over Information on Gilead’s HIV Prevention Pill (GILD)
from AIDS Healthcare Foundation (AHD), September 23, 2011

AIDS Healthcare Foundation filed a lawsuit in the United States District Court, Central District of California against the Food and Drug Administration over its denial of AHF’s Freedom of Information Act requests regarding correspondence between the FDA and Gilead Sciences (NASDAQ:GILD) regarding its potential application to the FDA to expand the use of its AIDS drug, Truvada, for use as an HIV prevention pill for pre-exposure prophylaxis in uninfected individuals.

Gilead’s likely pursuit of FDA-approval for expanding the use of its AIDS drug to include use as a form of HIV prevention comes following a study released earlier this year of 2,500 high risk gay men using Truvada as prevention which showed a 44% effectiveness rate in preventing HIV transmission. AHF believes the results are insufficient to support FDA approval of Truvada as an HIV prevention tool, and a move that AHF and other AIDS advocates believe would set a dangerous precedent.

Gilead Sciences (NASDAQ:GILD) has a potential upside of 24.9% based on a current price of $38.4 and an average consensus analyst price target of $47.95.

Gilead Sciences should find initial resistance at its 50-day moving average (MA) of $39.54 and further resistance at its 200-day MA of $39.70.

In the last five trading sessions, the 50-day MA has fallen 0.4% while the 200-day MA has remained constant.

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases. The Company’s primary arees of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

By FNNO Staff

Filed under: Uncategorized

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