After speaking with the management of Gilead Sciences, Piper Sandler analyst Edward Tenthoff is “emboldened” in his view that the remdesivir clinical data readout in mid-April will be positive and that the drug should get approved “ASAP” for the treatment of COVID-19. Gilead weeks ago started manufacturing remdesivir at-risk and the company is maximizing output both internally and with external partners, while being cognizant that millions of doses may be required, Tenthoff tells investors in a research note. The company doesn’t expect to profit off of the pandemic, but if COVID-19 does reoccur year after year, it could be a billion-dollar sales business with $2B to $3B peaks as outbreaks occur, adds the analyst. Tenthoff keeps a Neutral rating on Gilead with a $70 price target. The stock closed Wednesday up $4.90 to $79.42.