A leaked abstract this afternoon indicated that Gilead Sciences’ remdesivir failed to provide a benefit in a placebo-controlled trial in Chinese patients with severe COVID-19, Baird analyst Brian Skorney tells investors in a research note. Shares of Gilead are down 5%, or $4.25, to $77.06 in afternoon trading. The results “should be very sobering” with no effect on clinical improvement, mortality, and even more concerning, polymerise chain reaction, contends the analyst. If remdesivir, as an antiviral, can’t even get an antiviral effect, it’s highly unlikely there will be any role for COVID-19 treatment, even in earlier stage patients, Skorney says. The analyst continues to think the market overestimates the role of the drug in the pandemic. He has a Neutral rating on Gilead with a $76 price target.