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Observations, lessons, and takeaways from Monday’s failure of Gilead Sciences’ (GILD) NASH drug, selonsertib.

1. In defense of Gilead, a broad swath of Wall Street’s covering analysts argued the negative outcome of the Phase 3 study was expected and therefore already baked into the biotech’s diminished stock price.


But if everyone knew selonsertib was a zero — based on mediocre data culled from mid-stage studies — Gilead’s decision to forge ahead anyway with large and expensive late-stage clinical trials looks desperate and amateurish.

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