Wells Fargo cut the price target on Gilead Sciences, Inc. (NASDAQ: GILD) from $70 to $63. Gilead Sciences shares rose 0.4% to $59.91 in pre-market trading.
Eton Pharmaceuticals (NASDAQ:ETON) reported quarterly earnings of $0.04 per share. This is a 112.5 percent increase over losses of $(0.32) per share from the same period last year.
Biotech stocks pulled back for a second week running, as the Ukraine war cast its cloud on the broader market. Dwindling earnings news flow and company-specific developments served as catalysts during the week.
Biotech stocks pulled back yet again during the week ending Jan. 21, with the sector retreating along with the broader market. The news flow tapered off following the frenetic pace of the week that encompassed the JPM Healthcare conference.
Regulatory decisions by the U.S. Food and Drug Administration in December turned out to be mostly positive. Among the treatment options that were greenlighted in the month were two new molecular entities.