Gilead Sciences invests $20.1 million in Meeting Biosciences

Gilead Sciences, Inc. (NASDAQ:GILD) has made a major funding in Meeting Biosciences, Inc. (NASDAQ:ASMB), an organization with a market capitalization of $94 million, by buying 940,499 shares of widespread inventory. In response to InvestingPro information, Meeting maintains a “GREAT” monetary well being rating of three.1 out of 5. The transaction, dated December 19, 2024, was executed at a value of $21.37 per share, totaling roughly $20.1 million. Following this acquisition, Gilead now holds 2,209,471 shares in Meeting Biosciences. This transfer underscores Gilead’s curiosity in Meeting’s pharmaceutical preparations sector. Meeting’s inventory has proven robust momentum with a 52% YTD return, and analysts preserve a “Purchase” consensus with value targets suggesting potential upside. InvestingPro subscribers can entry 8 extra key insights about Meeting’s progress prospects and valuation metrics.

In different current information, Meeting Biosciences has made important strides in its collaboration with Gilead Sciences. The businesses have amended their settlement, with Meeting Biosciences receiving a direct cost of $10 million from Gilead for his or her joint drug improvement challenge, ABI-6250. Moreover, Gilead has bought extra fairness in Meeting Biosciences, buying 940,499 shares of widespread inventory.

When it comes to product improvement, Meeting Biosciences reported optimistic interim outcomes from the Section 1a examine of its recurrent genital herpes drug candidate, ABI-5366, and has began screening members for the Section 1b examine. The corporate has additionally initiated an at-the-market fairness program with Jefferies LLC, offering a versatile mechanism for capital elevating.

Analysts’ views on these developments fluctuate. H.C. Wainwright maintained a impartial stance on Meeting Biosciences, whereas Mizuho (NYSE:MFG) Securities reiterated an Outperform score, emphasizing the drug’s long-acting profile. Jefferies upgraded its score from Maintain to Purchase, reflecting a optimistic outlook on the corporate’s upcoming scientific information. These are current developments that buyers might wish to monitor intently.

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