Gilead soars 11% after reporting positive news on potential coronavirus treatment

• Gilead on Wednesday said that remdesivir, its leading coronavirus treatment, succeeded in a critical trial.
• Shares surged as much as 11% on the news, and led US stocks higher in premarket trading.
• Watch Gilead trade live on Markets Insider.
• Read more on Business Insider.

Shares of Gilead surged as much as 11% in early trading Wednesday after the company said a leading coronavirus treatment succeeded in a critical trial.

The positive news led the S&P 500 as much as 2.4% higher in premarket trading in New York.

Gilead's remdesivir, an antiviral drug, is currently being tested in several ongoing trials with COVID-19 patients. Wednesday, Gilead said that one of the studies showed "positive data."

The study is being run by the US National Institutes of Health. Gilead did not provide any further data on remdesivir, but said that it understands that the trial has met its primary endpoint in a statement.

Gilead said that the National Institute of Allergy and Infectious Diseases at the NIH will provide further information at a briefing.

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Shares of Gilead have gained as much as 22% year-to-date through Tuesday's close, on hopes that remdesivir would prove to be an effective treatment for COVID-19.

The antiviral drug has not been approved to treat any diseases, but was given to Ebola patients in the past. It's the leading hope for a coronavirus treatment, as other drugs have disappointed in early study results.

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