J.P. Morgan Reiterates Overweight On Gilead

In a note out today, J.P. Morgan reiterated an overweight rating on Gilead Sciences GILD following decent results from the phase 3 trial of cobicistat as an HIV treatment. “With Gilead's HIV life cycle management strategy on track and the pending acquisition of Pharmasset VRUS(expected to close early 2012), we see ample opportunity for upside and reiterate our Overweight rating,” the bank said in the research note.