New York, Jan 26, 2026, 12:48 ET — Regular session.
Gilead Sciences, Inc. shares climbed roughly 0.9% to $137.21 by midday Monday, following a price target boost from BMO Capital Markets. The upgrade highlighted expanding insurance coverage for Gilead’s new HIV prevention injection. Earlier, the stock fluctuated between $133.75 and $137.51.
The call comes as investors seek clear evidence that Yeztugo can scale quickly enough to make an impact in 2026, beyond just presentations. Access often drives the pace for HIV prevention drugs, since insurers and pharmacy benefit managers control patient navigation through co-pays and preferred drug lists.
Access has been the key issue for Yeztugo, the twice-yearly HIV prevention shot. Traders see coverage updates as the best early indicator of sales, long before quarterly earnings come out.
BMO Capital’s Evan David Seigerman bumped his price target for Gilead to $150 from $135, maintaining an Outperform rating. He pointed to strong momentum in the company’s HIV segment and the early rollout of Yeztugo. The note expects Yeztugo to bring in about $150 million in sales by fiscal 2025. It also highlighted CVS confirming coverage starting Jan. 1, pushing overall coverage above 80%, with roughly 90% of those covered patients facing no co-pay. 1
Gilead CEO Daniel O’Day highlighted the same coverage milestone earlier this month, noting, “CVS has confirmed their coverage of Yeztugo as of January 1, putting us at more than 80% (insurer) coverage overall.” He added that the company has already hit its 2025 Yeztugo sales target of $150 million, despite the twice-yearly injection costing nearly $30,000 annually. 2
Gilead’s jump followed a stronger tone across healthcare and biotech Monday. The SPDR S&P Biotech ETF nudged up roughly 0.2%, iShares Nasdaq Biotechnology ETF added around 0.4%, and the Health Care Select Sector SPDR ETF climbed about 0.3%. Meanwhile, the SPDR S&P 500 ETF rose approximately 0.6%.
Gilead’s next big market trigger remains its upcoming earnings report, investors eager for clear insight into Yeztugo demand, net pricing, and the extent of early coverage converting to prescriptions. The current calendar points to Feb. 10 for the earnings release, though that date could still change. 3
The risk is clear. Even when coverage is secured, payers might demand steeper discounts down the line. Uptake could also falter if plans clamp down on utilization or if patients and doctors favor cheaper daily pills.
Competition continues to shape the debate. The HIV prevention market features oral drugs and long-acting injections from competitors, and changes in insurer preferences can rapidly shift volume.
Macro factors might stir volatility soon. The Federal Reserve wraps up its Jan. 27–28 meeting Wednesday, with the rate announcement due at 2:00 p.m. ET and a press briefing at 2:30 p.m. ET — a key moment that could shift risk appetite across biotech stocks. 4
