Leerink Partners downgraded Gilead Sciences on July 21, 2026. The firm adjusted its rating from Outperform to Market Perform. Analysts also lowered the price target for the biopharmaceutical company's stock to $127 from $146.
Challenges in the HIV prophylaxis market and cancer division competition drove the rating change. Leerink specifically reduced sales estimates for Gilead’s PrEP portfolio.
This action signals a shift in Wall Street sentiment. It may increase investor scrutiny regarding the company's growth prospects in key therapeutic areas.