LOS ANGELES (MarketWatch) — Shares of Gilead Sciences jumped by more than 13% Monday after the biotechnology firm announced positive results from tests of its hepatitis C treatment over the weekend.
Gilead GILD, -0.23% ended the regular trading session up $8.92 to $73.93 after tests showed a combination of drugs that uses sofosbuvir, an inhibitor known as GS-5885 and ribavirin rendered hepatitis C undetectable after four weeks after completing 12 weeks of therapy.
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The company expects to present its data to the American Association for the Study of Liver Diseases in Boston on Tuesday.
Analysts said the approach that Gilead is using to treat hepatitis C is the most impressive.
“We believe Gilead will continue to have a strong impact on the [hepatitis C virus] space over the next 18 months,” John Sonnier, analyst for William Blair & Co., said in a note to clients.
Meanwhile, drug maker Abbott Laboratories ABT, +0.44% was up marginally after announcing its Humira, coupled with methotrexate, proved useful in achieving goals in the treatment of rheumatoid arthritis.
The treatment showed 19% of patients achieved low disease activity, normal physical function and absence of radiographic progression after a year, compared with 5% of patients who received a placebo along with methotrexate.