Baird Analyst Says 'Don't Give Up' Yet On Gilead's Remdesivir

Shares of Gilead Sciences, Inc. GILD fell Thursday afternoon in reaction to a disappointing report on an early readout for its remdesivir therapy, but investors should not "give up on this drug," Baird analyst Brian Skorney said on CNBC's "Closing Bell."

The preliminary and early data that was accidentally posted by the World Health Organization is one readout, and we need to see the full data, Skorney said. The full data set would detail if some of the sick patients had pre-existing conditions like diabetes or hypertension, he said. 

"If you adjust for these imbalances, maybe there is an effect here."

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There are plenty of reasons for the public to look at the Chinese study with skepticism, "Closing Bell" host Sara Eisen said.

For example, data out of China by default may not be trustworthy, and it is not clear how early the drug was administered, she said. The study itself was terminated early due to lack of enrollment.

Skorney said he is "skeptical" that any sort of treatment can launch by the summer.

Unfortunately, remdesivir and hydroxychloroquine were the "best shots," but have since shown "significant reasons to be skeptical," he said. 

"Maybe one of them or both of them will show some ability to impact the disease to some extent but the silver bullet is not here."

Gilead shares were down 0.82% at $77.14 at the time of publication Friday. 

Related Link: Gilead Analysts Tackle Early Results From Remdesivir Study In COVID-19, Morgan Stanley Says Stock Move Looks Overdone