Stocks cut gains after report Gilead’s virus treatment disappoints in trial

Yahoo Finance

Stocks rapidly pared earlier gains Thursday afternoon after the Financial Times reported that a hopeful coronavirus treatment from Gilead (GILD) flopped in a trial. The Chinese trial for Gilead’s antiviral drug remdesivir produced results that did not give meaningful conclusions on its efficacy, according to the Financial Times, citing World Health Organization documents accidentally released. The study – which was remdesivir’s first randomized clinical trial – ended due to low enrollment, and Gilead reportedly disputed the characterization of the trial’s results. Last week, a report that provided upbeat anecdotal data on remdesivir’s effectiveness in treating patients with COVID-19 in Chicago had sent stocks on a tear. Investors also continued to digest Thursday’s initial unemployment claims report, which showed that millions more individuals filed for unemployment benefits last week. Last week’s initial jobless claims totaled 4.427 million for the week, a fifth straight week that new unemployment claims were in the multi-millions, but the third straight week that the number of new claims fell relative to the prior week.

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