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Last Call: Gilead Sciences slips after downgrade

September 2, 2008
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NEW YORK—Shares of Gilead Sciences Inc. fell Tuesday after a Banc of America analyst downgraded the stock, saying the biotechnology company is "maturing," with prescription growth for its HIV drugs slowing.

William Ho lowered his rating on Gilead to "Neutral" from "Buy" because growth in HIV prescriptions has started to decline in the U.S., and sales in the European Union have not been strong enough to provide new growth. He lowered his price target to $56 per share from $59.

Gilead shares lost $2.40, or 4.6 percent, to $50.28 on the day.

Ho said the Foster City, Calif., company and other biotechnology stocks may suffer through a weak second half of 2008. Gilead's new blood pressure drug Letairis has launched slowly, and its hepatitis B drug Tenofovir won't contribute much revenue until 2009.

Gilead's HIV drugs include Truvada, Atripla, Viread and Emtriva.

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