A Covid-19 drug could be approved as early as tomorrow.
The U.S. Food and Drug Administration (FDA) plans to announce approval of remdesivir for emergency use.
Remdesivir is an experimental drug from Gilead Sciences (NASDAQ: GILD).
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The National Institute of Allergy and Infectious Diseases oversaw the controlled test of the Covid-19 drug. The study provided remdesivir to 50% of patients in the study, while the other 50% received a placebo.
Dr. Anthony Fauci of NIAID described the results of the trial for the Covid-19 drug positively.
Remdesivir appears to shorten the recovery time from Covid-19 by 31%.
“Certainly, it’s a positive. It’s a very positive event,” explained President Trump at the same news conference.
Gilead Sciences said it was “aware of positive data emerging from the study.”
However, the company didn’t provide more details. Gilead explained that the NIAID would release detailed information at an upcoming briefing.
Remdesivir is not currently approved for use in the U.S. The drug was originally developed to fight Ebola. However, trials against that disease did not deliver the desired result.
The process for approving emergency use of remdesivir is unclear. The drug has not completed the standard FDA protocol for trials.
It’s possible that the FDA would approve limited use of the drug in emergency Covid-19 cases while the drug completes the formal approval process.
U.S. stocks rallied on Wednesday. The S&P 500 was up nearly 3% on hopes that a drug approval will set the economy on a course toward recovery.
On Feb. 27, I alerted my readers that Gilead Sciences was a top biotech stock to BUY.
This alert suggested that coronavirus was expanding in the U.S. I warned that stocks could continue falling into an official bear market. And here’s what I wrote about Gilead . . .
Gilead Sciences (NASDAQ: GILD) is a major biotech and pharmaceuticals company. The company is working on two phase 3 trials of vaccines for coronavirus. And the company has received “fast track approval” from the Food & Drug Administration.
Shares were trading at $74 back in late February. And they’ve since gained 13% as the broader market has dropped.
That same report also provided BUY alerts on Inovio Pharmaceuticals (NASDAQ: INO) and Moderna (NASDAQ: MRNA).
Inovio shares have surged 196% in the last two months! And Moderna shares are up 40%.
My biotech stocks have been surging. And I’m expecting my next big winners will be . . .
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in Health & Wealth,
Full Disclosure: Ian Wyatt owns shares of Gilead Sciences, Inovio and Moderna.