Gilead Sciences Inc.’s antiviral drug remdesivir improved COVID-19 patients’ recovery time in peer-reviewed data from a study by the National Institute of Allergy and Infectious Diseases, the NIAID announced Friday afternoon. In a follow-up to positive preliminary data released last month, NIAID revealed Friday that peer-reviewed data showed that patients recovered enough to be released from the hospital in 11 days against 14 for those who received a placebo. It also noted that the 14-day mortality rate for those on the drug declined to 7.1% from 11.9% for the placebo group, though NIAID is still investigating combinations that could produce a more statistically significant change — a clinical trial that began May 8 is studying remdesivir in combination with anti-inflammatory drug baricitinib to study those results. The Food and Drug Administration has granted Gilead emergency-use authorization for the drug to use on severely ill COVID-19 patients, and Gilead has signed deals for manufacturing. Gilead stock was 0.4% lower in after-hours trading Friday following the announcement; shares have gained 12.9% so far this year, as the S&P 500 index has declined 8.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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