Interesting day after earnings for Gilead

Gilead (GILD) shares were down more than 5% at $38 after analysts turned sour on the company's second quarter earnings results. Interestingly enough, however, several analysts raised their price targets for the firm. Today's weakness is being attributed to a sales shortfall from the company's newest HIV drug Atripla. Atripla came in with second quarter sales of $212 million, below the expected $229 million. However, that shortfall was made up for by sales in Truvada. Also concerning analysts is a potential delay in the approval in Europe of Atripla. All of this said, the company still raised sales guidance for the full year 2007.
Gilead's weakness today is nothing new to the large biotechs lately. Investors have been concerned of slowing growth rates and today it turned on Gilead.
The weakness today is disappointing to me as an investor, but I remain in Gilead for the long-haul and I am reiterating a Buy rating on the stock with a target price of $45.


Disclosure: I am long shares of Gilead