Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Simmons First National (SFNC) initiated with a Buy at DA Davidson. 2. Amgen (AMGN) and Gilead (GILD) initiated with an Outperform at BMO Capital. 3. Rocket Pharmaceuticals (RCKT) initiated with a Buy at BofA/Merrill. 4. Urovant Sciences (UROV) initiated with a Buy at SunTrust. 5. Spectrum (SPPI) assumed with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Amgen announced the imminent submission of a Marketing Authorization Application, or MAA, to the European Medicines Agency, or EMA, for teprotumumab, a fully human monoclonal antibody and targeted inhibitor of the insulin-like growth factor-1 receptor, or IGF-1R, for the treatment of moderate to severe Thyroid Eye Disease, or TED, in adults. TED is a serious, progressive, debilitating and potentially vision-threatening autoimmune disease that can cause proptosis, diplopia, eye pain, redness and swelling.1 If approved, teprotumumab would be the first and only medicine approved for TED in the European Union. The MAA is supported by multiple well-controlled clinical studies - a Phase 2 clinical study NCT01868997, Phase 3 confirmatory clinical study OPTIC NCT03298867, a Phase 4 study NCT04583735, and a Phase 3 clinical trial in Japan OPTIC-J, jRCT2031210453 - providing statistically significant and clinically meaningful improvements across multiple facets of TED, including in proptosis and diplopia, among the 287 total patients studied. Additionally, the studies assessed TED signs and symptoms such as pain, inflammation, redness and functional vision. Clinical improvements were seen in proptosis as early as six weeks, with continued improvement across the 24-week treatment period.2 Teprotumumab has a well-established safety profile.

TD Cowen lowered the firm's price target on Gilead to $85 from $90 and keeps a Buy rating on the shares. The firm said the 5% product sales beat was led by Veklury with an assist from the liver disease franchise and HIV, while legacy HCV cell therapy and Trodelvy partially offset.

RBC Capital lowered the firm's price target on Gilead to $74 from $76 and keeps a Sector Perform rating on the shares. The company's solid quarter, helped by flagship drug Biktarvy in the face of seasonal conerns, may help convince some investors that shares have bottomed out, as its core businesses remain relatively stable and there are more catalysts in the second half of the year, the analyst tells investors in a research note. That said, growth off Gilead's high revenue base remains challenging, especially with medium-term headwinds to HIV, oncology, and CAR-T, the firm added.

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Consensus $3.67. Sees FY24 product sales $27.1B-$27.5B.

Reports Q1 revenue $6.7B, consensus $5.92B. "Gilead delivered another strong quarter of revenue growth in the first quarter with 6% year-over-year growth in our base business driven by HIV, Oncology and Liver Disease," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "The acquisition of CymaBay brings us another potentially transformative therapy for people with liver disease, and a regulatory decision on seladelpar is expected in August. New HIV data demonstrates the continued progress in our long-acting HIV pipeline, and we look forward to providing updates on this and our broad Oncology portfolio throughout the rest of 2024."