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As a potential dampener for risk appetite Gilead has explained that the anecdotal reports do not provide statistical power necessary to determine safety, efficacy profile of remdesivir as a treatment for COVID-19.

Expect data from phase 3 study in patients with severe COVID-19 infection to be available at the end of April.

This follows the story where CNBC reported that “the ETF that tracks the S&P 500 rallied in after-hours trading Thursday after a report said a Gilead Sciences drug was showing effectiveness in treating the coronavirus. The move pointed to a jump for the stock market on Friday.”

More on that here:

  • S&P 500 ETF jumping 2% on report Gilead drug showing effectiveness treating coronavirus

  • S&P 500 Futures jump above 3.0% as Gilead’s Remdisivir, US Pres. Trump propel risk-tone